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.
Media Contact:
Paul Queary
206-334-1483
paulq@strategies360.com
SOURCE Imperium Renewables, Inc.