D1 Oils raises $32 million, exits UK biodiesel business

In England, D1 Oils completed a $32 million capital raise, primarily from existing shareholders, and said it would exit the UK biodiesel refining business and concentrate on its plantation and science businesses, including its JV with BP.

“We believe that UK (biodiesel) demand will largely be met by subsidized US imports. We do not see the UK as offering a viable location for refining and trading to meet domestic demand for the foreseeable future,” the company said in a statement. The company will close or sell its two UK plants, affecting 80 staff.

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