Keokuk, IA – A bio-diesel plant in Keokuk could soon be on the auction block.
Tri-City Energy was formed by a group of local entrepreneurs in 2006. The company spawned several other businesses: Keokuk Glycerin and TC Energy.
The increased cost of materials led to production at Tri-City Energy coming to a halt more than one year ago. That prompted the business to search for outside investments.
Several weeks ago, Tri-City Energy issued a news release that its assets were being purchased by a company out of Switzerland. Sales & Marketing Manager Al Moander says the deal with BFSG International is now on hold while some final details are worked out.
Moander stresses that the sale has not dead.
"We still have the ability and hopefully the time to get this accomplished," says Moander, "so we are still alive."
Time is running out, though, as a foreclosure auction is scheduled for Wednesday, December 16. A public notice of the auction was recently published in the Keokuk Daily Gate City newspaper.
Several open houses have been held in recent days for prospective buyers.
Moander says if BFSG International is able to purchase Tri-City Energy, production would resume as quickly as possible.