EQM moves away from bioenergy sector with facility sale
US environmental service provider EQM Technologies has completed the sale of a Texas-based biorefinery.
The purchaser was Delek Renewables and the price was $5.5 million (€4.1 million), of which EQM has used around $2 million to pay off unpaid principal and accrued interest on subordinated notes secured by the assets and sold in the transaction.
‘We are pleased to have closed this transaction, as we have achieved value for our stockholders and have improved our balance sheet,’ says EQM president James Wendle.
Following the sale, Wendle reveals EQM is to step away from the bioenergy sector to now focus on providing environmental services.