Biofuel – Castlerock Green Energy Announces Investment by Nexus Development Capital.
Castlerock Green Energy LLC (CGE), a development company focused on building renewable fuel production plants across the United States that replace traditional fossil fuel oils, is pleased to announce the receipt of an investment of approximately $9 million by Nexus Development Capital, LLC (NDC) into Castlerock Biofuels LLC (Castlerock Biofuels), a joint venture company led by CGE and Ensyn Corporation (Ensyn). This investment marks a substantial step forward in the development of renewable fuel production facilities in the United States.
Project Overview:
Castlerock Biofuels is dedicated to developing renewable fuel oil production facilities, with its flagship project located in the Katahdin region of Maine. This project will produce 20 million gallons of renewable fuel oil (RFO® biofuel) annually, utilizing Ensyn’s proprietary RTP® technology. Upon completion, it will be the largest facility in the United States to produce renewable fuel oil through the pyrolysis of woody biomass.
The primary applications for RFO biofuel include its use as a renewable heating fuel to replace traditional fossil-based heating oil and as a feedstock for co-processing in traditional refineries to produce renewable transportation fuels. Notably, RFO biofuel has been proven to reduce lifecycle greenhouse gas emissions by up to 85{c431b1036349617aea55b35aa92592c3cb3fecc7f94273a754a3b674e9a603ce} when compared to traditional fossil fuels. The flagship project in Maine supports colleges and universities, district energy plants, and industrial facilities in economically achieving their sustainability goals.
Partnership:
The investment by NDC follows a previous investment by a valued partner of CGE, the Habematolel Pomo of Upper Lake (HPUL). HPUL is a federally recognized Tribe located in Upper Lake, California, an area of the state that has been ravaged by wildfires over the past several years. In response, the Tribe has made significant contributions in the areas of conservation and combatting climate change through various endeavors, including developing a comprehensive plan to reduce greenhouse gas emissions both within their Tribal lands and beyond.
The Tribe’s strategic partnership with CGE not only benefits the Tribe and its membership by meeting its economic development objectives, but it also holds substantial potential for significant contributions to the growth of the local communities, spanning various sectors.
Quotes:
John Murphy, Managing Director of Castlerock Biofuels, commented:
The investment from NDC is a significant milestone for our company.
“It not only supports the development of our flagship project in Maine but also paves the way for future projects that will contribute to a greener and more sustainable future. And we are deeply committed to furthering the commercial and environmental efforts of the Habematolel Pomo of Upper Lake.”
Danielle Cirelli, Chairwoman of Habematolel Pomo of Upper Lake:
These projects not only align with Habematolel’s cultural values, but also contribute to the global efforts to combat climate change, promising a greener future for generations to come.
“Our Tribe is excited to be partnering with Castlerock Green Energy, and we welcome NDC to this initiative in support of our goals to advance greater energy security and stability. Our Tribe historically has had limited access to economic development opportunities due to its geographical limitations. Our partnership with Castlerock holds tremendous promise for both our Tribe’s economic development enterprises and our commitment to the proper stewardship of our lands and natural resources.”
Paul Tanico, Co-founder of Castlerock Green Energy:
I feel incredibly fortunate to be involved with the Ensyn Board of Directors and to have the privilege of having John and his team build a fantastic company.
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Biofuel – Castlerock Green Energy Announces Investment by Nexus Development Capital. source