BenchMark Energy Corp. announced the acquisition of a minority interest in a company involved in the glycerin industry.
BenchMark Energy executed an agreement to purchase a 49% ownership stake in Energy Partners, LLC, a renewable energy company headquartered in Indiana. The company has an option to purchase the balance of Energy Partners, LLC in 2012, with the terms and size based on IRS criteria.
Glycerin is a byproduct created by the biodiesel production process. After further refinement, glycerin is used in many products in the pharmaceutical, cosmetic and food product industry. The company reported glycerin sales of $750,000 in the nine month period ending 9/30/2011.
Energy Partners, LLC is negotiating with municipal authorities to build a glycerin processing facility in Grand Forks, North Dakota. The facility would be approximately 21,000 square feet on eight acres of land.
BenchMark Energy and Energy Partners, LLC expect that the processing facility will be on line by the middle of 2012, and will have capacity to produce 9 million gallons of glycerin per year. The Grand Forks facility would receive glycerin from a number of biodiesel plants in the area.
For more information on the company, go to www.benchmarkenergy.net
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