May 31, 2023 [Argus]- Japanese trading house Sojitz is investing in the US’ Next Renewable Fuels, which is targeting to start operating a bio-refinery in early 2026, to enhance its sustainable aviation fuel (SAF) business.
Sojitz declined to disclose the investment details including the value and form of the financing. Sojitz’s funding follows a $37.5mn investment in the proposed bio-refinery by United Airlines’ venture capital fund, United Airlines Ventures.
Next is building a bio-refinery in Oregon state with output capacity of up to 50,000 b/d of SAF, renewable diesel and other renewable fuels. It plans to produce these renewable fuels from used cooking oil, vegetable oil, animal fat and other materials using hydroprocessed esters and fatty acids technology, which is a process to hydrogenate and deoxygenate oils.
Sojitz plans to set up a SAF supply chain to deliver renewable fuels to Japanese airlines. Sojitz also signed an agreement with Australia’s Queensland state-owned CS Energy to study a synthetic SAF value chain. The SAF will be produced from green hydrogen and carbon dioxide in Queensland and exported to Asian countries.
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