Metalico Acquires Interest in AgriFuel, Biofuel Concern

Metalico, Inc. completed the first phase of its acquisition of a controlling interest in AgriFuel Co., a privately held corporation organized to produce and market biofuels refined from waste vegetable oil, fats, and agricultural feedstocks.

Metalico’s investment will ultimately make it the holder of a majority of the shares of stock of AgriFuel and give it control over AgriFuel. The remaining shares of AgriFuel stock are owned by several independent investors.

AgriFuel focuses on biodiesel within the market for biofuels, which are alternatives to petroleum-based energy sources made from natural and renewable resources like soybeans and other oil-producing plant materials as well as spent vegetable oils and animal fats from restaurants. Biofuels are clean-burning fuels containing no petroleum that can be used in blends with distillate petroleum products or independently in motor vehicles and in certain home heating systems.

AgriFuel contemplates investing in developmental-stage and existing plant production projects as well as the construction of its own facilities along the Eastern seaboard.