Iowa-based Renewable Energy Group (REG) has announced that its wholly owned subsidiary acquired IC Green Energy's (ICG) majority stake in German biodiesel producer Petrotec AG.
REG European Holdings purchased ICG's 69% ownership in Petrotec for $20.9 million, or $1.235 per share, paid in 2,070,538 newly issued REG shares. The REG subsidiary also purchased ICG's loan to Petrotec in the amount of approximately $15.4 million.
According to REG, Petrotec is a fully integrated company utilizing more than 15,000 collection points to gather used cooking oil and other waste feedstocks to produce biodiesel at its two biorefineries in Emden and Oeding, Germany. Petrotec's nameplate production capacity is 55.5 million gallons per year.