Benefuel Announces First Closing of Series C Preferred Stock Offering
IRVING, TX, July 8, 2014 - Benefuel Inc. announced today that it has closed $11 million in the first tranche of its offering of Series C Preferred Stock. A U.S. subsidiary of Suncor Energy, Canada's leading integrated energy company was the primary subscriber. The first tranche also included Flint Hills Resources and other existing shareholders. Additionally, Benefuel and Suncor have agreed to work jointly to advance the commercialization and deployment of Benefuel's patented ENSEL® technology in Canada and the United States.
"Suncor joins an already strong team of investors and development partners that includes Flint Hills Resources, the largest operating subsidiary of Koch Industries, and ITOCHU Corp, one of Japan's largest trading companies," said Rob Tripp, Chief Executive Officer of Benefuel. "This was the first close of our Series C Preferred Stock offering, and we look forward to bringing in additional investors of this caliber."
"This has been an exciting couple of months for Benefuel," Tripp continued, "Last month we announced the beginning of the retrofitting of our Beatrice facility, and now this agreement. Even in this short period of time we have seen growth in biodiesel markets around the world, including most recently in Brazil and Southeast Asia, where the mandated blend ratios for biodiesel have increased significantly. This additional demand means opportunity for us as a low-cost producer, and we look forward to working with our current and future partners to bring the ENSEL® technology to other parts of the world."
Benefuel Inc. is a biodiesel process technology and production company based in Irving, Texas. The company has exclusive, global rights to next-generation technology for manufacturing biodiesel and bio-lubricants. Benefuel's patented ENSEL® process allows the company to produce biodiesel at a substantially lower cost than conventional methods by using lower cost, high free fatty acid feedstocks and converting them efficiently into biodiesel and glycerin.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
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