According to the company, a private investment consortium recently agreed to provide the funds after approving a new management team, the Reuters news agency reports.
“We're very excited, because we feel this is a major endorsement by these investors,” said Solomon Ali, Universal Bioenergy’s Senior Vice President of Investor Relations.
Ali added that the company plans to use the funds as working capital, to obtain lines of credit, and to acquire additional capital to assist in the acquisition of other alternative energy companies and biofuels producers.
Universal Bioenegy’s management estimates the new investment will help them produce 80 to 100 million gallons of biofuels, bringing in estimated gross revenues of $200 to $250 million.
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