Grapevine, TX-based GreenHunter received port permission to takeover an option for the land from Port Sutton Envirofuels, a localcompany that recently shelved plans to build an ethanol plantthere. GreenHunter acquired the lease option for approximately $1million in cash and restricted common stock valued at $14.25 pershare.
GreenHunter initially wants to build a biofuels terminal andlater a biodiesel production refinery on the property. The$70-million project would create 250 temporary construction jobsand 50 to 60 full-time jobs once the biofuels plant is up andrunning. Port officials estimate the plant would take 12 to 18months to build. The lessee plans to use vegetable oil as stock forbiofuels during initial operations but later may switch to animalfat.
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