‘We’re a little bit more skeptical’ about GE’s plans for biofuels

GE is trying to take its biofuel business to the next level, announcing it has acquired a biofuel company, Biofuel Capital, in a deal that could provide a way to boost the company’s cash flow and boost its share price.

The company said the deal would create a $500 million, 10-year, wholly-owned subsidiary with an annual cash flow of $1.6 billion.

GE shares closed Wednesday at $45.35, down about 4 percent from their June 30 close.

The deal was announced Wednesday by GE’s chief financial officer, Jeffrey Nachshon, and Chief Executive Officer Mike Hewson.GE shares were up about 4.7 percent in premarket trading Thursday.

Nachshin, the chief executive of Biofuel, has been one of GE’s most vocal advocates for a return to fossil fuels.

The company is also pursuing a partnership with the U.K.’s Natural Resources Agency to develop a biofuel-powered jet engine.

Biofuel has raised $2.3 billion in financing.GE is also seeking to boost its financial health by using the $50 billion acquired Biofuel to buy back GE stock and refinance GE debt.

The stock price has fallen nearly 17 percent this year.

The GE-owned Biofuel is expected to close the deal.

The deal comes as GE’s stock has tumbled as the company struggles to compete with rivals like Amazon.com and Google Inc. GE’s shares fell more than 6 percent Wednesday, the worst performance since early March.

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