$10.6 Million Funding Milestone Continues Progress at Seneca, Illinois
HOUSTON, March 4 /PRNewswire-FirstCall/ -- Nova Biosource Fuels, Inc. (Amex: NBF) announced today that it has satisfied the conditions precedent and completed its first funding of $10.6 million under its $41 million senior secured credit facility with WestLB AG, one of the world's leading financial services providers for alternative energy companies. The proceeds of the loan were used to pay project costs and related fees and expenses in connection with the on-going construction of its 60 million gallon per year biodiesel refinery in Seneca, Illinois. The refinery is mechanically complete and Nova is in the process of making additional funding requests under the credit facility in order to procure feedstock and commence commissioning and start-up of the refinery.
"This is an important milestone for financing the final stages of construction of our Seneca biodiesel refinery," said Kenneth T. Hern, Chairman and CEO of Nova. "With adequate financial resources to pay the project costs associated with completing and commissioning our refinery, we believe we are well on our way to producing ASTM D6751 quality biodiesel using high free fatty acid feedstocks soon. Our construction partners have done a superb job in working together to bring this dream to reality."
About Nova Biosource Fuels, Inc.
Nova Biosource Fuels, Inc. is an energy company that refines and
markets ASTM standard biodiesel and related co-products through the
deployment of its proprietary, patented process technology, which enables
the use of a broader range of lower cost feedstocks. Nova is focused on
building and operating a number
|SOURCE Nova Biosource Fuels, Inc.|
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