Canary Biofuels buys Invigor Bioenergy to convert Alberta facility into 2G biodiesel

March 4, 2021 |

In Canada, Canary Biofuels Inc. has completed a C$16.5 million non-brokered private placement equity financing, closed the acquisition of Invigor Bioenergy Corporation, which owns a biodiesel facility in Alberta and signed with Canadian Western Bank  providing for a credit facility with C$7 million of borrowing capacity.

Canary will use proceeds from the financing to convert the biodiesel facility, such that phase 1 of the facility will have capacity to produce 75 million liters of second-generation biodiesel using agricultural waste feedstock. By using waste products, Canary will provide additional sources of revenue to local western Canadian agricultural producers, with the added benefit of producing a high demand energy product that will reduce carbon emissions at scale. Canary intends to have the biodiesel facility producing at full capacity by year end.

Category: Fuels

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