Universal Environmental Services closed on up to $52 million in financing for engineering, construction and commissioning of a rerefinery in Peachtree City, Ga., with up to 30 million gallons processing capacity.
Universal on Tuesday said that together with capital from its joint venture with Uetz, Germany-based Avista Oil AG, the financing will be enough to complete the rerefinery by 2013s first quarter. Earlier this year, Avista Oil acquired a 50 percent stake in Universal, enabling it to grow its used oil collection business and plan the rerefinery.
Peachtree City-based Universal and project partner Mineralol-Raffinerie Dollbergen expect to finalize detailed engineering by October 2011 and to begin construction in early November 2011. The companies have completed basic engineering and been granted local permits and licenses for construction at Universals 10-acre facility.