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Strategic Biofuels pronounces strategic Funding from Magnolia Sustainable Vitality Companions.
Strategic Biofuels, a number one sustainable aviation fuels (SAF) mission developer, introduced a strategic funding dedication from Magnolia Sustainable Vitality Companions (M-SEP), a newly fashioned Japanese-based funding consortium created by Sumitomo Company of Americas (SCOA) and JX Nippon Oil & Fuel Exploration Company (JX).
The funding from M-SEP will probably be used to additional advance the corporate’s flagship Louisiana Inexperienced Fuels (LGF) mission, an ultra-low carbon unfavorable SAF plant situated in Caldwell Parish, Louisiana.
Dr. Paul Schubert, CEO of Strategic Biofuels stated:
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Our partnership with JX and Sumitomo via their new consortium, M-SEP, will convey each monetary help and the deep carbon seize technical experience that’s wanted to proceed advancing towards building.
“Our LGF mission has at the start been a mission of low-carbon sustainability, and the milestones we have now achieved to-date are a testomony to how strategic and collaborative partnerships like this one can advance cleaner applied sciences.”
Along with being a strategic investor via the consortium, JX will add its experience to the corporate’s LGF mission, leveraging its carbon seize and sequestration (CCS) expertise gained in constructing and working the Petra Nova Carbon Seize, Utilization and Storage (CCUS) mission close to Houston.
The LGF mission, which is able to convert sustainably managed forestry waste into the world’s preeminent responsibly developed SAF right into a CCS part that may seize and retailer carbon dioxide onsite from each its biomass-fired energy plant and biorefinery.
Toshiya Nakahara, President and CEO of JX stated:
The LGF mission presents a superb alternative to reinforce {our capability} for the larger vitality transition by leveraging our CCS expertise.
“It’s an honor to work with Strategic Biofuels and SCOA, who possess outstanding technical, mission administration, enterprise, and financing experience and management to assist us obtain our objectives.”
Tom Wada, President & CEO of SCOA stated:
CCS will play an important position in attaining carbon neutrality.
“JX’s engagement will improve the success of manufacturing extremely low carbon SAF product and we’re excited concerning the future with these two companions.”
“We’ve got bold plans to help world vitality safety, sustainability, and carbon discount objectives and are assured that the LGF mission is a step in the proper course. We proceed to help creating strategic partnership with Japanese strategic buyers via M-SEP”
In February, SCOA introduced a main funding dedication to Strategic Biofuels’ LGF mission, revealing that it’s going to assist the mission attain a Monetary Funding Choice and graduation of building in early 2025. On the identical time, Strategic Biofuels introduced that it might be shifting its major renewable gasoline product to SAF. SCOA intends to offer a 20-year offtake for the roughly 640 million gallons of renewable fuels produced in addition to all state and federal renewable gasoline credit.
About Strategic Biofuels Strategic Biofuels LLC is a staff of extremely skilled vitality, petrochemical and renewable fuels expertise specialists centered on growing a collection of deeply unfavorable carbon footprint crops in northern Louisiana that convert waste supplies from managed and sustainable forests into renewable fuels. The fuels qualify for substantial Carbon Credit beneath the Federal Renewable Gasoline Normal Program and beneath the California Low Carbon Fuels Normal. For extra data, go to www.strategicbiofuels.com.
About JX Nippon Oil and Fuel Exploration CorporationJX Nippon Oil & Fuel Exploration Company have engaged in vitality exploration and manufacturing (E&P) enterprise all over the world for over 40 years, as a core working firm within the ENEOS Group, certainly one of Japan’s main firm teams of complete vitality, pure sources, and supplies.
JX is working Petra Nova CCUS mission in Texas, Unites States, and is the one Japanese firm that has commercialized CCUS, to develop its position past the present enterprise to contribute to the achievement of carbon impartial world. For extra data, please go to
About Sumitomo Company of AmericasSumitomo Company of Americas is the biggest subsidiary of Sumitomo Company, an built-in buying and selling firm with a powerful world community comprising 129 workplaces in 66 international locations and areas. The Sumitomo Company Group consists of roughly 900 corporations and 80,000 staff on a consolidated foundation.
The Group’s enterprise actions are unfold throughout the next 9 teams: Metal, Automotive, Transportation & Development Methods, Numerous City Improvement, Media & Digital, Life-style Enterprise, Mineral Assets, Chemical compounds Options and Vitality Transformation Enterprise.
Sumitomo Company is dedicated to creating larger worth for society beneath the company message of “Enriching lives and the world,” primarily based on Sumitomo’s enterprise philosophy handed down for over 400 years. For extra data, please check with our web site at www.sumitomocorp.com.
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Strategic Biofuels Publicizes Strategic Funding from Magnolia Sustainable Vitality Companions, COLUMBIA, La., April 9, 2024