Allegro Biodiesel to diversify
Allegro Biodiesel Corporation announced that it has extended a $500,000
bridge loan to Littleton, Colorado-based Community Power Corporation (CPC)
as a first step in potentially acquiring the company.
Established in 1995, privately-held CPC is a developer
of small modular bioenergy technology and products, which gasify a wide range
of biomass residues for generation of power, heat, and synthetic fuels.
The company’s proprietary gasification system has successfully processed
over 30 different biomass feedstocks. The company has received more than
$12 million in research and development funding and technical assistance
from the U.S. Department of Energy, the U.S. Department of Agriculture, the
U.S. Department of Defense, the California Energy Commission and other organizations.
Under these R&D projects, since 1998, CPC has built and shipped 24 modular
biopower units to product development and demonstration sites in the United
States, the Philippines and El Salvador. Under the terms of the agreement,
Allegro loaned $500,000 to CPC for a secured promissory note. The note is
secured by all the assets of CPC. |
