Vertimass EMEA B.V. has signed a purchase agreement to acquire Ekobenz, a Poland-based company that produces renewable gasoline, liquefied petroleum gas (LPG), and other fuels. The acquisition will allow Vertimass to scale its Consolidated Alcohol Deoxygenation and Oligomerization (CADO) process for renewable hydrocarbons, including sustainable aviation fuel (SAF). Ekobenz's facility will provide a commercial-scale platform for this expansion and help Vertimass meet the climate change goals of the EU and US. The final sales and purchase agreement is scheduled to be signed on December 31, 2023.
IRVINE, Calif. – Vertimass EMEA B.V. announced today that it has signed a purchase agreement to acquire all outstanding shares of Ekobenz, a Poland-based company that commercially produces high-quality renewable gasoline, liquefied petroleum gas (LPG), and other fuels. The Ekobenz facility will also provide a commercial-scale platform on which to build near-term introduction of the Vertimass Consolidated Alcohol Deoxygenation and Oligomerization (CADO) process for renewable hydrocarbons of which sustainable aviation fuel (SAF) production will be a main feature. In addition, this acquisition will facilitate expansion of markets for Vertimass products beyond those in the United States.
“Ekobenz is one of the first advanced biorefineries at a commercial scale in Europe,” explained Vertimass Chairman William A. Shopoff. “By acquiring this company and plant, we will be able to immediately produce fuel commercially and scale the Vertimass technology to ultimately provide significant volumes of sustainable aviation fuel that help meet the 2035 climate change goals of the EU and U.S.”
Ekobenz was founded in 2006 with the goal of creating high-quality synthetic fuel derived from renewable sources and significantly reduce carbon dioxide (CO2) emissions that contribute to climate change. The Ekobenz sustainable fuel plant, with a designed annual production capacity of 8 million gallons (22,500 tons), became operational in 2018 and produces sustainable fuel with an average 80% reduction in CO2 emissions. The company is a certified and regulated producer of hydrocarbons, bio-gasoline, and bio-LPG in Europe. The production plant is sited on more than 5.5 hectares that also includes a support building, warehouse, laboratory, and equipment.
Vertimass President and CEO Dr. Charles Wyman noted, “This acquisition is an important step for Vertimass technology and will move Vertimass into a commercial arena. Proof of concept on such a significant scale will allow the technology to expand to additional plants in the forthcoming period, both in the EMEA region and the U.S.”
The parties scheduled the signing of the final sales and purchase agreement for December 31, 2023.