Innovation Fuels purchases terminal
Feb 1, 2009 12:00 PM
Innovation Fuels, the New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world, has closed on the purchase of a 310,000-barrel (43,000-metric-ton) capacity terminal on 10 acres at the Port of Milwaukee WI. This facility will be used for the sale and distribution of biodiesel and other renewable fuels into and out of the Midwest.
The project was financed by Securant Bank & Trust, a commercial bank based in Milwaukee.
Originally built as Shell Oil's Milwaukee headquarters in the 1950s, the terminal includes a 20,000-square-foot warehouse, executive offices, and a garage. The site features existing truck and rail loading infrastructure, with highway access and is served by two Class I railways, the Union Pacific Railroad and the Canadian Pacific Railroad. In addition, the Port of Milwaukee has international shipping access via the St Lawrence Seaway and can receive river barge cargo via the Mississippi River. The facility also has an idled connection to the Westshore petroleum pipeline, which could be used to bring in diesel and gasoline to the terminal for blending with renewable fuels such as biodiesel and ethanol.
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