Have a Spare $70 Million?

Biodiesel companies are struggling in Texas. (Photo: Pete Birkinshaw [CC BY 2.0]/Flickr)

Although clean energy jobs are on the rise and the Recovery Act has funds set aside to help support a green economy, one biodiesel plant in Texas has fallen on hard times. GreenHunter Energy is a biodiesel refinery in Houston that can produce more than 100 million gallons of biodiesel each year.

“The refinery — reported by The (Houston) Chronicle to be the country’s largest — has been idled the last four months due to low demand for fuel in the United States, as well as new trade barriers imposed by Europe on American biodiesel exports. Damages from last summer’s Hurricane Ike didn’t help matters either.” Source: Green Inc

The company is working with creditors to amend existing credit agreements while a buyer is being sought.

In addition to the Texas biodiesel plant, GreenHunter Energy also owns a biomass facility in California and operates several wind projects in California, Montana and New Mexico.

The Texas plant isn’t the only biofuel company experiencing problems. Earlier this month, the OregonLive website reported that several biofuel companies in the area have also fallen on hard times. Cascade Grain and Pacific Ethanol have filed for bankruptcy and Imperium’s plant in Grays Harbor is not currently operating.