BROOKLYN, N.Y., July 24,
2024 /PRNewswire/ -- Nexus Development Capital, LLC
(NDC), a leading investment firm specializing in catalytic capital
for teams deploying low-carbon infrastructure, is pleased to
announce an investment of approximately $9
million in Castlerock Biofuels LLC (Castlerock Biofuels), a
joint venture company led by Ensyn Corporation (Ensyn) and
Castlerock Green Energy LLC (CGE). This investment marks a
substantial step forward in the development of renewable fuel
production facilities in the United
States.
Nexus Development Capital invests
$9m in Castlerock Biofuels towards
development of renewable fuel oil project in Maine with Ensyn technology
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 RFO® renewable fuel oil
annually, utilizing Ensyn's proprietary RTP® technology. At
completion, this will be the largest project in the world to
produce renewable fuel oil using pyrolysis of wood feedstock. RFO®
renewable fuel oil produced at this project will be used to heat
and cool facilities in the Northeast, with construction expected to
commence within the next 12 months.
Ensyn's RFO renewable fuel oil has been proven to reduce
lifecycle greenhouse gas emissions up to 85%. The primary
applications are in co-processing in traditional refineries to
produce renewable transportation fuels and as renewable heating
fuel to replace traditional fossil-based heating oil. Castlerock
Biofuel supports colleges and universities, district energy plants,
and industrial facilities to economically meet their sustainability
goals
The investment from NDC will facilitate the development of this
project and the expansion of additional renewable energy production
initiatives. Future projects in Washington and Minnesota are also in development.
Key Highlights:
- Significant Capital Commitment: NDC is providing
substantial financial support to accelerate the development of
renewable fuel production facilities.
- Technological Advancement: Ensyn's technology will be
utilized to produce 20 million gallons of renewable fuel oil
annually at Castlerock Biofuels' initial project, contributing to a
more sustainable energy landscape.
- Strategic Location: The flagship project in the Katahdin
region of Maine will serve as a
model for future developments in the renewable energy sector.
Quotes:
Joshua Kaufman, CEO and
Co-founder of NDC, stated, "We are thrilled to partner with
Castlerock Biofuels and support their mission to develop
sustainable energy solutions. This investment aligns with our
commitment to accelerate the deployment of sustainable
infrastructure."
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."
"We welcome NDC as an important new partner in Castlerock
Biofuels, our alliance with Castlerock Green Energy, for expansion
of production capacity in the U.S.," stated Robert Pirraglia, Ensyn's President. "We look
forward to working with our partners as we advance our projects in
Maine and in other sites within
the U.S."
About Nexus Development Capital, LLC: NDC is an
investment partner dedicated to providing capital and expertise to
teams developing sustainable infrastructure projects in the
alternative fuels, sustainable agriculture, and industrial
decarbonization sectors. Their investment differentiation lies in
their ability to address the crucial financing gap not served by
traditional early-stage and infrastructure investment models.
About Castlerock Biofuels LLC: Castlerock Biofuels is
dedicated to developing renewable fuel oil production facilities in
the United States. By leveraging
advanced technology and strategic partnerships, Castlerock Biofuels
aims to lead the transition towards sustainable energy
solutions.
About Ensyn Corporation: Ensyn is a leader in the
production of renewable fuels and chemicals from wood and other
non-food biomass. Using their proprietary RTP® technology, Ensyn
converts cellulosic biomass into a renewable liquid fuel used for
heating, the production of sustainable transportation fuels, and
the production of renewable chemicals. Ensyn has been operating
commercial production facilities since 1989.
About Castlerock Green Energy LLC: Castlerock Green
Energy stands at the forefront of renewable energy and
infrastructure innovation. The company aims to construct renewable
fuel production plants across the United
States that replace traditional fossil fuel oils and play a
vital role in supporting the communities where they exist.
For more information, please visit:
- Nexus Development Capital, LLC: www.nexusdevcap.com
- Ensyn Corporation: www.ensyn.com
- Castlerock Green Energy LLC: www.castlerockgreenenergy.com
For any additional details or inquiries, please reach out
to contact@nexusdevcap.com or
info@castlerockgreenenergy.com.
Contact: Ashlynn
Horras
Principal, Nexus Development Capital
Email: contact@nexusdevcap.com
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SOURCE Nexus Development Capital