Leading biofuel producer gains access to additional $10 million in working capital.
Imperium Renewables, Inc., a leader in next-generation biofuel production today announced a new lending agreement with Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), that will provide Imperium with an additional $10 million in working capital to fuel its growth.
The modification of the original agreement, struck in 2012, increases Imperium’s working capital from Umpqua to $20 million while maintaining the company’s revolving line of credit with the bank.
“Umpqua Bank’s knowledgeable team continues to find smart, flexible financing solutions that Imperium needs,” said John Plaza, president and CEO of Imperium Renewables. “These additional resources will help us continue to grow and diversify our operations in biodiesel production and sales.”
Seattle-based Imperium Renewables develops and uses proprietary technology and processes in the production of biodiesel. This non-petroleum-based, fully biodegradable, clean-burning alternative fuel is growing in demand globally due to its environmental benefits, such as lower carbon dioxide emissions than petroleum diesel. Imperium is the operator of Imperium Grays Harbor, the largest production facility of its kind in the western U.S., which opened in August 2007 in Hoquiam, Wash. and is capable of producing up to 100 million gallons of biodiesel annually. The additional working capital supplied by Umpqua will position Imperium Renewables to expand its production supplies and biodiesel sales.
“Imperium Renewables is a proven and successful leader in the biodiesel industry, and is uniquely poised for further growth,” said Danielle Burd, Umpqua Bank’s executive vice president and director of client relations. “We’re pleased to expand Umpqua’s partnership with Imperium – and to provide access to capital that will allow them to diversify and grow.”
Imperium Renewables is committed to producing the highest quality biodiesel in the industry, using the most sustainable and environmentally sound feedstocks available. Refined from a variety of oils – derived from canola, corn oil, soy and many other crops – the pure, unblended B100 biodiesel produced by Imperium Renewables is a consistently high-quality fuel that exceeds American and European standards. In lending to Imperium, Umpqua Bank remains true to its community banking orientation, helping to grow the region’s economy by working with local businesses to find financial solutions for their capital requirements.
About Imperium Renewables
Imperium Renewables is a global leader in next-generation biofuel production. Founded in 2004, the company is driven by a single ambitious goal – to fundamentally change the way we fuel our cars, trucks, ships, trains and planes by developing and producing clean, renewable and sustainable alternative fuels. Imperium Renewables operates one of the nation’s largest BQ-9000® certified biodiesel facilities, Imperium Grays Harbor in Hoquiam, Wash., which is capable of producing up to 100 million gallons per year. For more information, please visit www.imperiumrenewables.com.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Oregon, is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Northern Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for the past eight years in a row on FORTUNE magazine’s list of the country’s “100 Best Companies to Work For,” and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the ninth consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses.
Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Oregon. Umpqua’s Wealth Management Division serves high net worth individuals and nonprofits by providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. www.umpquabank.com.
