BioNitrogen Acquires Patents for Urea Production
8 October 2012 BioNitrogen Plant FL I, a wholly owned subsidiary of BioNitrogen Corp. has acquired 4A Technologies, which owns the patent pending technologies for the conversion of biomass into urea fertilizer.
The acquisition strengthens BioNitrogen’s capabilities to build environmentally friendly plants that convert biomass into urea fertilizer. The company had previously licensed the technology to BioNitrogen.
“This acquisition is an important step in the process to further strengthen our position in the market for the production of urea,” said Carlos A. Contreras, President and CEO of BioNitrogen. “This technology will help support our rapidly expanding efforts to build plants in the U.S. that will provide domestically produced urea fertilizer.”
BioNitrogen Plant FL I also signed an engagement letter with Atlanta-based BB&T Capital Markets, a division of Scott & Stringfellow, to act as a placement agent for $150 million of tax-exempt bonds.
The funds will be used by the company for the construction of an approximately 200,000 square foot modular manufacturing plant to transform residual agricultural waste (biomass) through a gasification process into urea, located on 40 acres of land in Hardee County, Fla.
BioNitrogen Corp. recently signed a three-year, non-exclusive agreement with PRM Energy System for the construction of gasification units for its proposed urea plants. The company also signed a supply agreement with United Suppliers. Under the agreement, BioNitrogen will sell the urea fertilizer produced at its proposed Florida plant to United Suppliers.
Source BioNitrogen, Edited by FCI Staff
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