Webster loans $400K to Newport Biodiesel

Robert Morton, chairman of the board for Newport Biodiesel, and Jocelyn Nacci, right, of Webster Bank, pose with the company’s new collection truck outside Newport Biodiesel’s facility in Newport. / COURTESY WEBSTER BANK
Robert Morton, chairman of the board for Newport Biodiesel, and Jocelyn Nacci, right, of Webster Bank, pose with the company’s new collection truck outside Newport Biodiesel’s facility in Newport. / COURTESY WEBSTER BANK

PROVIDENCE – Webster Bank this month financed a $400,000 loan for a Newport-based company that recaptures used vegetable oil and turns it into fuel.
The company, Newport Biodiesel, captures the used vegetable oil from 3,000 restaurants in southern New England before turning it into biodiesel fuel and home heating oil, according to a press release. The Webster loan will go toward the purchase of equipment and increasing manufacturing capacity at 312 Connell Highway in Newport.
“Newport Biodiesel owes its success to its employees, shareholders, customers and vendors, such as Webster Bank,” said Robert Morton, Newport Biodiesel’s board chairman, in prepared remarks. “With continued contributions from each of these stakeholders, we believe there is more growth and success ahead.”
With its expansion, the biodiesel company plans to add nine jobs and increase production to 6.5 million gallons per year, marking an increase of 2 million gallons produced in 2015, according to the release.
“Newport Biodiesel is nationally acclaimed for its sustainable business practices and has been a thriving part of Rhode Island’s green energy economy since 2008,” said Jocelyn Nacci, vice president, business banking for Webster Bank. “We are pleased that they have chosen Webster to provide the financing they need to expand their business.”
Webster Financial Corp., the holding company for Webster Bank, has $25.1 billion in assets and is based in Connecticut.

No posts to display