Innovation Fuels, a New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel, has closed on the purchase of a 310,000-barrel-capacity terminal located on ten acres in the Port of Milwaukee.
The facility will be used for the sale and distribution of biodiesel and other renewable fuels into and out of the Midwest.
The terminal, originally built as Shell Oil's Milwaukee headquarters in the 1950s, 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. 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.
"This acquisition provides Innovation Fuels with direct, deep-water access to the lucrative Great Lakes and Northeast markets as well as to international ports making the Port of Milwaukee property one of the keys to our global strategy," said John Fox, CEO for Innovation Fuels. "We can now easily transport finished product from Midwestern biofuels producers to virtually anywhere on the east coast of theUnited States as well as to our international customers."
The project was financed by Securant Bank & Trust, a commercial bank based in Milwaukee.
More info: www.innovationfuels.com