Red Deer-based Blue Horizon Industries Inc. (CNSX: BH) has announced that its subsidiary Blue Horizon Bio-Diesel Inc. has purchased a renewable diesel demonstration plant.
A release issued by Blue Horizon Industries said the demonstration plant is located in Reno, Nev.
Blue Horizon Industries also announced that another subsidiary, Blue Horizon Energy Inc., has sold an interest in three oil assets in Northern Alberta for $1.2 million.
“It was important to diverse of our oil assets in order to concentrate on the development of the renewable diesel business,” said Don Allan, president and CEO of Blue Horizon Industries. “As well, it allowed us to settle some debts in the oil company. The purchase of the plant, is a significant step forward in our business plan to be a major producer of renewable diesel.”
In addition to its interest in Blue Horizon Bio-Diesel and Blue Horizon Energy, Blue Horizon Industries owns 74 per cent of Blue Horizon Mining Inc. Blue Horizon Contracting and BH Energy are wholly-owned divisions of Blue Horizon Energy.