Renewable energy firm BIOX Corporation has signed definitive agreements with International-Matex Tank Terminals (IMTT) for construction of the company’s second biodiesel production facility in Bayonne, New Jersey at New York Harbor.
The two agreements pertain to securing the site and related infrastructure for construction of BIOX’s second biodiesel production facility. They include a long term land lease agreement and long term leases on existing storage tanks at IMTT.
The new facility is estimated to have a capacity of around 100 million litres per annum, 50% higher than the firm’s current facility in Hamilton, Ontario. It will be located within the IMTT Terminal which sprawls over 600 acres. The plant itself will be built in a plot with an area of around 3.5 acres. The entire investment for the facility is estimated at $60 million, including costs for core process area, infrastructure, utlities, engineering and indirect cost.