Dynamic Fuels selects renewable diesel site
Dynamic Fuels plans to construct additional renewable synthetic fuel facilities. Syntroleum would provide its Biofining technology to convert animal fat and vegetable oil feedstocks into middle distillate products, and Tyson would provide the feedstocks. The plans include adding Syntroleum's Fischer-Tropsch technology to the front end of the production process in order to convert biomass into renewable synthetic fuels.
A few days after announcing the Geismer site in November, Syntroleum announced that it had realigned its management team, restructured the organization and secured a portion of the financing for the joint venture. In management changes, Chief Executive Officer Jack Holmes announced his retirement, effective Dec. 28, 2007. He was replaced by Edward Roth, who previously served as president and chief operating officer. Founder Ken Agee also announced his retirement from the company, where he served as chairman of the board and chief research officer. At press time, he was negotiating to purchase certain research and laboratory facilities from the company. Board member Robert Rosene was elected nonexecutive chairman to replace Agee.
In November, Syntroleum also announced an agreement with an affiliate of Fletcher Asset Management for $12 million in investments over two years. Wm Smith and Co., based in Denver, Colo., acted as placement agent.