Methes closes on $1.5m in working capital for Ontario plant

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In Canada, Methes Energies International has closed $1.5m in working capital needed to purchase feedstock, support the employees, and bring their Sombra, Ontario biodiesel plant into full operation. The funds are provided by a Toronto lending firm, after plant construction finished earlier this year. With 13MGY in capacity, the new plant could generate revenues of approximately $56 million per year, assuming $4.30 per gallon biodiesel prices, which is significant given Methes’ $12 million market capitalization and $2.00 per share stock price.

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