A COMPANY planning to build the largest biodiesel plant in the world, creating 275 jobs, has announced plans to float on the alternative investment market.
The Biofuels Corporation, which starts building its £30m complex in Seal Sands, Teesside, next week, hopes to raise £14m towards the cost of building with the flotation.
The plant will develop renewable and greener fuels from crops such as oilseed rape.
Biofuels, in Billingham, has already attracted shareholders from all over the world, including New Zealand, the US, Australia and Germany, as well as from the UK.
It is expected to create 75 jobs directly and 200 spin-off jobs.
Newcastle law firm Ward Hadaway is handling the flotation, which will commit the company to expansion.
Commercial partner Alex Shiel said: "This was a slightly unusual deal to work on because the plant is not yet up and running.
"However, once operational, the plant will be the largest of its kind anywhere in the world.
"Investment in alternative fuel sources is likely to become increasingly important to its viability, and this flotation can only be seen as a vote of confidence from investors."
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