By Cameron Chai
Headquartered in Evansville, Indiana, Imperial Petroleum has signed a definitive agreement with Green Grease Solutions for the supply of biodiesel feedstock.
Green Grease Solutions, a New Jersey-based feedstock provider, will supply feedstock to Imperial Petroleum’s biodiesel operations in Middletown, Indiana for two years. The operations are to be managed by e-Biofuels, a wholly-owned subsidiary of Imperial Petroleum.
Imperial Petroleum will commence hedging of its biodiesel production during the supply contract period. The hedging will be done through Augsburg Energy, a commodity trading advisor. The hedging approach provides an opportunity to balance risk and protect the energy company’s gross margins on biodiesel fuel production.
President of Imperial Petroleum, Jeffrey T. Wilson stated that the company is delighted to collaborate with major feedstock suppliers like Green Grease Solutions and to sign a feedstock supply contract for its biodiesel capabilities. The partnership will strengthen Imperial Petroleum’s growing biofuels business and will offer growth opportunities for both the companies.
Imperial Petroleum is engaged in three main areas of energy production: non-traditional oil production from mineable tar sands, traditional oil and gas exploration and production and biodiesel and biofuels production.