Nexus Development Capital, LLC, a leading investment firm specializing in catalytic capital for teams deploying low-carbon infrastructure, has officially announced an investment worth $9million in Castlerock Biofuels LLC (Castlerock Biofuels), a joint venture company led by Ensyn Corporation (Ensyn) and Castlerock Green Energy LLC (CGE). Talk about Castlerock Biofuels for a second, it is dedicated to developing renewable fuel oil production facilities, with its flagship project located in the Katahdin region of Maine. The stated project is expected to produce 20 million gallons of RFO® renewable fuel oil annually, all by utilizing Ensyn’s proprietary RTP® technology. Not just that, at completion, it will markedly become the largest project in the world to produce renewable fuel oil using pyrolysis of wood feedstock. More on the same would reveal how RFO® renewable fuel oil produced at this project will be used to heat and cool facilities in the Northeast, with construction penciled in to commence within the next 12 months. You see, Ensyn’s RFO renewable fuel oil has already been proven to reduce lifecycle greenhouse gas emissions by up to a sizeable 85%. As for what are some of its possible applications, they include co-processing in traditional refineries to produce renewable transportation fuels, and as renewable heating fuel to replace traditional fossil-based heating oil. This, in turn, helps Castlerock Biofuel support colleges and universities, district energy plants, and industrial facilities to economically meet their sustainability goals.
“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.,” said Robert Pirraglia, President of Ensyn Corporation. “We look forward to working with our partners as we advance our projects in Maine and in other sites within the U.S.”
Taking a slightly deeper view of the investment in question, it includes significant capital commitment. You see, NDC will provide substantial financial support to accelerate the development of renewable fuel production facilities. Next up, there is a prospect of technological advancement, considering like we referred to, 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 overall energy landscape. Another detail worth a mention here is rooted in the project’s strategic location. With the flagship project situated in Katahdin region of Maine, it will likely serve as a model for future developments in the renewable energy sector, as well within the area itself.
“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,” said John Murphy, Managing Director of Castlerock Biofuels.
