East Tennessee’s First Biodiesel Plant Scheduled for Auction on Wednesday, March 10, 2010

Tuesday, Feb 09, 2010

Maas Companies of Rochester, MN will auction the 5 million gallon-per-year Nu-Energie biodiesel plant on Wednesday, March 10, 2010 at 11 a.m. on-site at 914 Phipps Bend Road, Surgoinsville, TN, in the Phipps Bend Industrial Park.

Nu-Energie was the first biodiesel manufacturing facility in Northeast Tennessee and held its ribbon cutting in May 2008. The facility began operations but was not able to sustain its momentum with overwhelming external factors affecting the industry, such as mounting transportation and feedstock expenses. However, the recent EPA announcement of the RFS2 rules offers new hope to the industry.

The auction manner of sale will offer the plant, real estate and laboratory pieces as three independent tracts. The real estate tract includes a 18,634 sq. ft. industrial building on 3.3415 acres that can accommodate dual tenants. The biodiesel plant equipment and tanks, new in 2008, will be sold as one lot. Lastly, the laboratory pieces will be sold as an independent lot. Equipment and lab buyers will have the option of bidding on-site or live via the Internet; real estate buyers are required to attend the sale. Real estate is owned by Bank of Tennessee. Equipment assets are owned by First Community Bank of East Tennessee.

Potential buyers are encouraged to attend the following open houses:

Wednesday, Feb. 24 - 10 a.m. – 2 p.m.

Thursday, Feb. 25 - 10 a.m. – 2 p.m.

Tuesday, March 9 - 10 a.m. – 2 p.m.

Wednesday, March 10 - 9 – 11 a.m.

Other times by appointment.

Details of the sale are available on the auction website, maascompanies.com

Source: Businesswire