Green technology company W2 Energy is acquiring Malaysian biofuel business AM Biofuels.
The companies have signed a memorandum of agreement by which W2 Energy will buy 51 per cent of AM Biofuels from its shareholders.
The acquisition is valued at $5,500,000 and is part of W2 Energy’s plans to expand their fuel business in South East Asia.
AM Biofuels, located in Pasir Gudang Port of Johor Malaysia, owns and operates a 30,000-metric ton per year biodiesel plant. This plant is licensed under the Malaysian Palm Oil Council and was fully commissioned in end of 2010. It plans to produce 20,000 metric tons of palm biodiesel through 2013.
W2 Energy’s acquisition of AM Biofuels comes at the heels of another memorandum of agreement for the purchase of 51 per cent of Ecobound Fuel Production Systems from Ecobound International.
This acquisition was valued at $2,500,000 and gives W2 Energy a platform by which it can distribute its clean fuel products throughout South East Asia.
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