B&B is seeking to raise $40 million to fund the acquisition of oil recycler Southern Oil but also to retire $25 million in debt set to be called in over the next two months, according to Environmental Infrastructure’s December figures.

Environmental Infrastructure and its core business EarthPower Technologies owes the money to ANZ Investment Bank, McConnell Dowell and the Sustainable Energy Development Authority, but its December report showed only $2.1 million in cash at hand.

An Ernst and Young audited interim profit report issued by the company in February said “EarthPower’s future liquidity is dependent on B&B and its related parties not calling in their loans … and providing additional funding for operating deficits until the plant is generating a positive cash flow.”