- Category: US
04 Jan 2013
- Published on Friday, 04 January 2013 09:26
- Hits (2297)
Environmental services provider EQM Technologies & Energy, Inc. sold its biodiesel production business for around $5.3 million to Dalek Renewables, LLC.
The deal transfers ownership of EQM’s biodiesel production facility in Cleburne, Texas and its related assets to Dalek Renewables. The transaction was approved by EQM’s board and is expected to close on or before January 23, 2013.
“This transaction will allow us to exit the biodiesel production business while achieving value for our stockholders,” said James E. Wendle, President and Chief Operating Officer of EQM.
The company has decided to exit the biodiesel sector in order to focus on their environmental services business.
Based in Cincinnati, the company provides environmental services like consulting and engineering, clean technology, and remediation and construction management. They have longstanding contracts to provide services to federal agencies such as the Environmental Protection Agency and the Department of Defense.
Just last December, EQM acquired Vertterre Corporation, a mechanical and electrical engineering services provider based in Albuquerque, New Mexico specializing in energy reduction and biomass-to-energy solutions.
EQM acquired Vertterre for about $1.5 million in cash, shares of common stock and an unsecured subordinated note. Along with the acquisition, former Verterre president Daniel Sandoval joined EQM as Vice President.
“Vertterre has a terrific reputation in the marketplace and its acquisition broadens the scope of electrical and engineering services that EQM can provide to our customers. We are very pleased to have Daniel Sandoval join our management team,” said Mr. Wendle. – EcoSeed Staff