Vertex Energy, Inc., a specialty refiner and marketer of refined products, has named BofA Securities as strategic financial advisor to assist with its renewable fuels and sustainable products growth strategy.
During this engagement, the company expects to review various potential strategic transaction opportunities aimed at strengthening the balance sheet to support growth acceleration and asset development in line with the company’s forward trajectory as an energy transition company, it said in a statement.
Vertex has not set a timetable for the completion of this process and does not intend to comment further unless or until the Board of Directors has approved a definitive course of action, or it is determined that other disclosure is necessary or appropriate.
Benjamin P. Cowart, President and CEO of Vertex, stated, “Scaling our renewable fuels and sustainable products strategy is a top priority for us. As such, we are tightening our focus on strategic initiatives and considering options that optimally support our long-term vision. We believe BofA has the right tools and expertise to help us transition into this next phase of development for the company.”
Vertex Energy commissioned its first renewable diesel facility at the company’s Mobile refinery and the first renewable diesel facility in Alabama in. May.
In 2022, Vertex acquired a conventional fuels refinery from Shell plc, immediately launching a $115m conversion project. The primary aim of the project was to convert a standalone unit within the refinery to facilitate the production of renewable diesel, a cleaner and more sustainable alternative to petroleum diesel fuel.
The project reached mechanical completion on March 31st of this year.
