Chinese to Invest in Arkenol Asia
Lake Forest-based L.L. Knickerbocker Co. said its Arkenol Asia joint venture and Central Resource Northern Development Corp. of China signed a letter of intent for Central Resource to invest at least $10 million for about a 5% interest in the venture.
The transaction, scheduled to close Oct. 31, is subject to a definitive agreement and a feasibility study by China’s Ministry of Agriculture, as well as approvals by the Chinese government and Arkenol Asia’s board.
Central Resource and Arkenol Asia have agreed that Tangshan, China, will be the first site for Arkenol Asia’s biorefinery, which will convert agricultural wastes into ethanol and other environmentally friendly products.