Proponents of Newton Biodiesel Plant Expect Worldwide Visitors
Published on November 1 2013 7:04 pm
Last Updated on November 1 2013 7:31 pm
Written by Greg Sapp
Developers of a 50 million gallon per year biodiesel production facility in Newton expect visitors worldwide. Proponents say the plant is the first of its kind in the world.
BN National Trail Biodiesel LLC is a facility that uses a continuous flow production process with the ability to use multiple feedstocks, which for this facility is soybean oil.
David Holmes is head of strategy and corporate finance for BN2 Capital Holdings and has handled the financing for the project. Holmes told a Chamber First Friday Luncheon audience that a project like this has been a venture capital project, but thinks the success anticipated for the Newton plant will lead to additional plants that will be funded in more traditional ways.
Holmes said the plant should produce 18 million gallons when it opens in mid-November, but should reach full production of 50 million gallons a year within 18 months. He said the soybean oil will come from crushing plants in the area, but said they might eventually look at their own crushing facility.
Holmes said Newton was chosen as the site for the facility due to its proximity to a supply of soybeans, but also because of access to roads and rail. He said they plan to hire 31 fulltime employees.
Holmes said developers are considering a second plant, probably early in 2014, and probably in the Salem area.
Holmes has worked for many of the leading banking institutions in the United States; Merrill Lynch, Citibank, GE Capital and many hedge funds, and has structured and led the team that is financing the Newton facility.
Here's Greg Sapp's conversation with David Holmes of BN National Trail Biodiesel...