Mission NewEnergy Limited

Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale business production of biodiesel in the UK, has been purchased by a green investment business.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.

The company will remain in private ownership and will continue to run independently.

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

‘Future potential’

Mr Walker stated the investment by John Swire underlined Argent’s strong market position, including there was now a chance “to take Argent’s skills further afield”.

Barnaby Swire, of John Swire, stated his business was to “exploring and purchasing ingenious and practical green industries”.

He added: “We are pleased to be getting Argent Energy, a company which our company believe can grow and prosper not just within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of attributes and worths that work with our own, and eagerly anticipate dealing with them to increase Argent Energy’s future capacity.”

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments