Imperium Renewables Cuts Staff

Seattle-based Imperium Renewables said late Thursday evening that it has cut 24 people from its workforce as its Grays Harbor biodiesel production facility. According to the firm, the cuts came in order to "reduce costs and preserve capital" as the firm sees a "drastically reduced" demand for biodiesel, combined with high feedstock prices. The firm said that both the current economic environment, as well as "lagging demand" for its products triggered the move. The firm's Grays Harbor plant is its flagship facility, with a capacity of 100 million gallons per year capacity.