|By PR Newswire||
|August 12, 2014 03:18 PM EDT||
PORTLAND, Ore., Aug. 12, 2014 /PRNewswire/ -- Imperium Renewables, Inc., a leader in next-generation biofuels, announced a new lending agreement with Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), that will provide Imperium with an additional $10 million in working capital to fuel its growth.
This modification of a 2012 agreement increases Imperium's working capital from Umpqua to $20 million while maintaining the company's revolving line of credit with the bank.
"Umpqua Bank's knowledgeable team continues to find smart, flexible financing solutions that Imperium needs," said John Plaza, president and CEO of Imperium Renewables. "These resources will help us continue to grow and diversify our operations in biodiesel production and sales."
Seattle-based Imperium Renewables develops proprietary technology and processes to produce biodiesel, a clean-burning alternative fuel whose global demand is growing due to its environmental benefits, including lower carbon dioxide emissions. Its Imperium Grays Harbor facility can produce up to 100 million gallons of biodiesel annually. The additional working capital supplied by Umpqua will position Imperium to expand production and sales.
"Imperium Renewables is a proven leader in the industry, and is uniquely poised for further growth," said Danielle Burd, Umpqua Bank's executive vice president and director of client relations. "We're pleased to expand this partnership – and to provide access to capital that allows them to diversify and grow."
Imperium is committed to producing the highest-quality biodiesel, using sustainable and environmentally sound feedstocks. In lending to Imperium, Umpqua Bank demonstrates its commitment to help grow the region's economy by finding financial solutions for local businesses.
About Imperium Renewables
Imperium Renewables is a global leader in next-generation biofuel production. Founded in 2004, the company is driven by a single goal – to fundamentally change the way we fuel transportation by developing and producing clean, renewable and sustainable alternative fuels. Imperium operates one of the nation's largest BQ-9000®-certified biodiesel facilities, Imperium Grays Harbor in Hoquiam, Wash.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Northern Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by The Wall Street Journal, The New York Times, and BusinessWeek, and named to FORTUNE's "100 Best Companies to Work For," eight years in a row.
SOURCE Imperium Renewables, Inc.
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