Updated: Biofuels Maker to Leave Camarillo Following Sale

Kreido Biofuels Inc. will leave Camarillo once its sale to a Kentucky bioenergy company is completed. The firm’s remaining equipment goes to Four RiversBioEnergy Inc., which will commercialize it to make biofuels. “We will continue to have an office somewhere, most likely in the area as we figure out the next move,” said Kreido CEO Ben Binninger. Employees with the technology and manufacturing backgrounds will continue on with Four Rivers, Binninger said. Four Rivers is buying Kreido in a deal worth $2.5 million in cash. Kreido had placed high hopes on its technology to develop biofuels and moved ahead with plans for a production plant in North Carolina until a lack of funding shut the project down last summer. Four Rivers will pursue commercialization of the “spinning tube in tube” technology that speeds up chemical reactions. Kreido intended to use the process for both biofuels and manufacture of pharmaceuticals. “Four Rivers believes that the technology provides the critical flexibility to be able to use a variety of vegetable feedstocks and can be placed in numerous facilities worldwide,” said company CEO Gary Hudson in a statement. Those involved in developing Kreido’s technology continue to believe it has the ability to deliver superior economics for biodiesel and other materials processing applications, Binninger said. Proceeds from the sale will be used to pay off Kreido creditors and the company intends to close the sale by the end of March. While the city would like to be able to attach its name to a green energy company it would be disappointing if Kreido leaves, said John Fraser, a senior management analyst. “Unfortunately a lot of time, especially lately, it’s cheaper to get bought out,” Fraser said. “It is a tough battle to fight.”