Cranford, NJ [RenewableEnergyAccess.com] Consistent with the company’s overall green initiative, Metalico Incorporated, a scrap metal recycler and lead products fabricator, announced it has increased its funded investment in Beacon Energy Corporation (formerly AgriFuel Co.) bringing Metalico’s total funded investment to $5 million.
Beacon is an emerging producer and investor in the fast-developing biofuels sector. The company intends to use the proceeds of its placement to invest in the development and acquisition of biodiesel production facilities that meet its criteria for scale, efficient processing technology, quality construction, feedstock and off-take contractual commitments, and advantageous shipping logistics for source materials and finished products.
Beacon has commenced a feasibility study for a major East Coast biofuel production facility that it would construct and operate directly.Biofuels are alternatives to petroleum-based energy sources made from natural and renewable resources like soybeans and other oil-producing plant materials and animal wastes and byproducts. Beacon focuses on biodiesel within the market for biofuels. Biodiesel is an alternative to various oil distillate products, including diesel and certain home heating oils, which can be used in a variety of diesel engines and home heating systems.