[Biodiesel News] Linfox trialling biofuel for Axiom

Linfox trialling biofuel for Axiom

The Australian - Sydney,Australia

RENEWABLE fuel company Axiom Energy has opened its $36 million initial public offering (IPO) and entered into a trial arrangement of its biodiesel fuels with ...

 

 

RENEWABLE fuel company Axiom Energy has opened its $36 million initial public offering (IPO) and entered into a trial arrangement of its biodiesel fuels with trucking company Linfox.

 

Axiom is offering about 51.5 million shares at 70 cents each in an attempt to raise the $36 million.

 

Axiom intends to use the money to fund its first project based at Toll Geelong Port, for which it has secured a 20 year lease with logistics firm Toll Holdings Ltd .

 

The plant could make up to 150 million litres of biodiesel a year, which could be made from renewable plant oils and animal fats, helping tap into the 15 billion litre-a-year diesel market, Axiom said.

 

The company said it already had a strong pre-registration response from the majority of previous applicants for its withdrawn $37.6 million IPO in 2005, which had been oversubscribed.

 

A spokesperson for the Fox family, which owns Linfox, said they believed the logistics industry needed to play a more active role in tackling carbon emissions, and that biodiesel would play an integral part of this.

 

Axiom Energy managing director Danny Goldman said he was "delighted" at the opportunities that a potential relationship with Linfox might bring.

 

"Linfox has shown great leadership, being the first major Australian trucking company to publicly announced the importance of biodiesel to its fuel strategy," Mr Goldman said.

 

He said Axiom's business model was framed to target selling its fuel into the mainstream 15 billion litres per annual diesel market.

 

"Importantly the sustainable and environmental characteristics of biodiesel will justify its growing popularity by virtue of the fact that its non-toxic and readily biodegradable compounds are not only well suited to environmentally sensitive areas, but also allow for significant benefits to the environment and public health."

 

The offer closes on October 20.

 

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Posted by Vince to Biodiesel News at 9/22/2006 05:59:00 AM