Exhibit 21
Subsidiaries of Headwaters Incorporated
*Subsidiaries are 100% owned (either directly or indirectly) except where noted otherwise.
American Lignite Energy, LLC, a Delaware limited liability company (40% ownership)
Atlantic Shutter Systems, Inc., a South Carolina corporation
Blue Flint Ethanol LLC, a Delaware limited liability company (51% ownership)
Chihuahua Stone LLC, a Utah limited liability company
Coal Creek Drying and Storage, LLC, a North Dakota limited liability company (20% ownership)
Covol Engineered Fuels, LC, a Utah limited liability company
Covol Fuels No. 2, LLC, a Utah limited liability company
Covol Fuels No. 3, LLC, a Utah limited liability company
Covol Fuels No. 4, LLC, a Utah limited liability company
Covol Fuels No. 5, LLC, a Utah limited liability company
Dutch Quality Stone, Inc., an Ohio corporation
Eldorado G-Acquisition Co., a Utah corporation
Eldorado SC-Acquisition Co., a Utah corporation
Eldorado Stone Acquisition Co., LLC, a Utah limited liability company
Eldorado Stone Funding Co., LLC, a Utah limited liability company
Eldorado Stone LLC, a Delaware limited liability company
Eldorado Stone Operations LLC, a Utah limited liability company
Eldorado Stone Philippines, Inc., a Philippines corporation (99% ownership)
Environmental Technologies Group, LLC, a Utah limited liability company
Evonik Headwaters LLP, a United Kingdom limited liability partnership (50% ownership)
FlexCrete Building Systems, LC, a Utah limited liability company (90% ownership)
Global Climate Reserve Corporation, a Utah corporation
HCM Stone, LLC, a Utah limited liability company
HCM Utah, LLC, a Utah limited liability company
HES Ethanol Holdings, LLC, a Utah limited liability company
Headwaters CTL, LLC, a Utah limited liability company
Headwaters Clean Carbon Services LLC, a Utah limited liability company (50.1% ownership)
Headwaters Construction Materials, LLC, a Texas limited liability company
Headwaters Construction Materials, Inc., a Utah corporation
Headwaters Energy Services Corp., a Utah corporation
Headwaters Ethanol Operators, LLC, a Utah limited liability company
Headwaters Heavy Oil, LLC, a Utah limited liability company
Headwaters Refinery Investments Co., a Utah corporation
Headwaters Resources, Inc., a Utah corporation
Headwaters Resources Limited, a New Brunswick, Canada corporation
Headwaters Services Corporation, a Utah corporation
Headwaters Synfuel Investments, LLC, a Utah limited liability company
Headwaters Technology Innovation Group, Inc., a Utah corporation
Inspire Services, LLC, a Michigan limited liability company
L-B Stone LLC, a Utah limited liability company
Metamora Products Corporation, a Michigan corporation
Metamora Products Corporation of Elkland, a Pennsylvania corporation
MTP, Inc., an Ohio corporation
Piedras Headwaters, S. de RL de CV, a Mexican limited liability variable stock company
Stonecraft Manufacturing, LLC, an Ohio limited liability company
Stonecraft Sales, LLC, a Michigan limited liability company
Tapco Europe Limited, a United Kingdom corporation
Tapco International Corporation, a Michigan corporation