June 4 (Renewables Now) - Attis Industries Inc (NASDAQ:ATIS) has finalised the acquisition of the corn ethanol plant and grain malting operation based in Fulton, New York, for USD 20 million (EUR 17.8m) in cash with non-dilutive financing.
The arrangement with the vendor, US motor fuel distributor Sunoco LP (NYSE:SUN), includes a six-month transition services agreement and a 10-year off-take agreement for the ethanol produced at the plant, Attis said Monday.
The acquisition fits into Attis’ strategy to build a green tech campus at the Fulton site and expand the ethanol production at the facility. The green tech campus will feature a biodiesel plant, which could use as feedstock the corn extract produced at the ethanol plant, and a bio-refinery. In the long term, the company is eyeing some solar and wind power generation capacity near the site.
(USD 1.0 = EUR 0.89)