Sky Quarry Inc., a Salt Lake City-based environmental remediation company involved in the recycling of waste asphalt shingles, has acquired Foreland Refining Corp. of Woods Cross. Foreland’s key asset is its Eagle Springs Refinery, located outside of Ely, Nevada, which has historical production capability of 495,000 barrels of oil per year.
Sky Quarry said the acquisition represents a key step in accelerating its growth strategy. Sky Quarry believes that the acquisition will create a vertically integrated business division to produce sustainable diesel and other petroleum products from Sky Quarry’s oil recovered from waste asphalt shingles and other heavy oil feedstock sources.
“The acquisition of Foreland allows Sky Quarry the opportunity to efficiently utilize its capital and solidify its ability to capture margin through the entire value chain,” a company release said.
“The acquisition of Foreland marks an important milestone in becoming a sustainable energy producer from renewable sources and brings together a highly complementary set of products, customers and markets,” said David Sealock, CEO and co-founder of Sky Quarry.