Bid to Fuel the World's Production of Green Oils
Byline: By Howard Walker
North alternative fuel producer D1 Oils has unveiled proposals to raise pounds 20m with a flotation on the junior stock exchange this autumn.
The Northumberland-based company has pledged to create at least 100 jobs in the region under its plans to become the world's leading supplier of environmentally-friendly biodiesel.
D1 Oils, which is headed by North-East entrepreneur Karl Watkins, has developed a system which uses material from sustainable sources such as coconut oil to mix with conventional diesel to produce fuel which reduces carbon emissions.
It is now looking to raise pounds 20m from floating on the Alternative Investment Market (AIM) by the middle of next month in a listing which will value the company at between pounds 50m and pounds 100m.
Mr Watkin, chairman of D1 Oils, said: "Developing D1 from concept to an international business in three years is the result of commitment by our experienced team. The fundraising will allow D1 to build on that commitment, develop its contracts, technology and IPR further and deliver what I hope will become the recognised brand in the biodiesel industry worldwide."
The company has identified jatropha, a durable, non-edible tree that can produce oil-bearing seeds over a 30-year life span, as its preferred crop to create its biodiesel. …