Neste acquires Crimson Renewable Energy’s used cooking oil collection and aggregation business in the United States to strengthen Neste’s renewable feedstock sourcing platform

Neste Corporation, press release, November 17, 2022 at 3:00 p.m. (EET)

ESPOO, Finland, November 17, 2022 /PRNewswire/ — Neste, the world’s leading producer of renewable diesel and sustainable aviation fuel made from waste and residual feedstock, has agreed to acquire its used cooking oil (UCO) collection and aggregation business and related assets The United States by Crimson Renewable Energy Holdings, LLC. The transaction includes interests in SeQuential Environmental Services, LLC and Pure, LLC and a UCO processing facility in Salem, Oregon. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.

“This acquisition further strengthens Neste’s presence and operations in Germany The United States. We are continuing our renewable energy growth strategy by expanding our renewable feedstock sourcing platform to the US West Coast, which is also a location for our upcoming joint renewable diesel production Martinez, California, and a key market for serving our customers. Together with Mahoney Environmental, this company will form a nationwide UCO collection and collection network. I look forward to welcoming the professional team and highly skilled operations to contribute to Neste’s activities North America“, says Matt LehmusPresident and CEO of Neste.

“I would like to thank our SeQuential team for their invaluable efforts and contribution to building a leading UCO collection and aggregation company on the US West Coast. Joining Neste is a great opportunity for this team to further develop their UCO business and operations with a leading renewable fuels producer,” says Harry SimpsonPresident and CEO of Crimson Renewable Energy Holdings.

Through the transaction, Neste acquires a leading US West Coast UCO collection and recycling company covering UCO collection, logistics and storage California, Oregon and Washington. Along with the earlier acquisitions of Mahoney Environmental and Agri Trading in The United StatesIH Demeter in the Netherlandsand Walco Foods in IrelandThe transaction will further enhance Neste’s global raw materials sourcing platform and support Neste’s goal of serving customers with the growing global demand for renewable products.

Neste’s global renewable energy capacity is growing

Neste currently has a global production capacity for renewable products of 3.3 million tons per year. Neste’s 50:50 renewable diesel production joint venture with Marathon Petroleum, Martinez Renewables in Martinez, Californiais expected to start production in early 2023. Pretreatment capacity is expected to be operational in the second half of 2023 and upon completion, Martinez Renewables is expected to add just over 1 million tonnes (365 million US gallons) to Neste’s renewable product capacity. per year.

Neste is running Singapore Refinery expansion project and Martinez Renewables will increase total renewable product production capacity to 5.5 million tons by the end of 2023. After Neste’s completion Rotterdam Refinery expansion project in the Netherlands will further increase the company’s total production capacity of renewable products to 6.8 million tons by the end of 2026.

Neste Corporation

Susanne Sieppi
Vice President, Communications

Further information: Please contact Neste Media Services on +358 800 94025 / [email protected] (weekdays from 8:30 a.m. to 4:00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.

The following files are available for download:

SOURCE Neste

source

Leave a Reply

Your email address will not be published. Required fields are marked *