**Exhibit 21**

**HEADWATERS INCORPORATED**

**Subsidiaries**

The ownership of each direct and indirect subsidiary is 100%, except where indicated below. 

***Building Products***

Atlantic Shutter Systems, Inc., a South Carolina corporation

Chihuahua Stone LLC, a Utah limited liability company 

Eldorado G-Acquisition Co., a Utah corporation 

Eldorado SC-Acquisition Co., a Utahcorporation 

Eldorado Stone Acquisition Co., LLC, a Delaware 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, aUtah limited liability company 

Eldorado Stone Philippines, Inc., a Philippines corporation 

FlexCrete Building Systems, LC, a Utah limited liability company, of which HRI is a 90% member 

HCM FlexCrete, LLC, a Texas limited liability company 

HCM Stone, LLC, a Utah limited liability company 

HCM Utah, LLC., a Utah limited liabilitycompany 

Headwaters Construction Materials, Inc., a Utah corporation 

Headwaters Construction Materials, LLC, a Texas limited liability company 

Inspire Services, LLC, a Michigan limited liability company 

L-B Stone LLC, a Utah limited liability company 

Metamora Products Corporation of Elkland, aPennsylvania corporation 

Metamora Products Corporation, a Michigan corporation 

MTP, Inc., an Ohio corporation 

Piedras Headwaters, S. de R.L. de C.V., a Mexican limited liability company 

Tapco Europe Limited, formed in theUnited Kingdom 

Tapco International Corporation, a Michigan corporation 

Tapco Property Company, LLC, a Michigan limited liability company 

***Energy***

American Lignite Energy, LLC, a Delaware limited liability company, of whichHeadwaters Energy Services Corp. is a 40% member 

Blue Flint Ethanol LLC, a Delaware limited liability company 

Covol Engineered Fuels, LC, a Utah limited liability company 

Covol Fuels No. 2, LLC, a Utah limited liability company 

Covol Fuels No. 3, LLC, aUtah limited liability company 

Covol Fuels No. 4, LLC, a Utah limited liability company 

Covol Fuels No. 5, LLC, a Utah limited liability company 

Environmental Technologies Group, LLC, a Utah limited liability company 

Evonik Headwaters KoreaCo., Ltd., a Korean limited liability company, of which Headwaters Incorporated is a 50% member 

Evonik Headwaters LLP, formed inthe United Kingdom, of which Headwaters Incorporated is a 50% member 

Headwaters CTL, LLC, a Utah limited liability company

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 Synfuel Investments, LLC, a Utah limited liability company 

Headwaters Technology Innovation Group, Inc., a Utah corporation 

HES Ethanol Holdings, LLC, a Utah limited liability company 

 

1 

***Coal Combustion Products***

Global Climate Reserve Corporation, a Utah corporation 

Headwaters Resources Limited, formedin New Brunswick, Canada 

Headwaters Resources, Inc., a Utah corporation 

Headwaters Services Corporation, a Utah corporation 

VFL Technology Corporation, a Pennsylvania corporation 

 

2