PR Newswire
Summary
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.
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% 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.
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