Energy infrastructure company Evolve Transition Infrastructure (Evolve) is working in partnership with renewable fuel project developer HOBO Renewable Diesel (HOBO) on a new renewable diesel plant, the companies announced on 4 November.
The agreement will involve Evolve funding the construction of HOBO’s initial project that is expected to produce more than 120M gallons/year (454M litres/year) of renewable fuels, according to their statement.
As well as producing renewable diesel and sustainable aviation fuel (SAF), the companies said they were also considering incorporating additional carbon reduction opportunities into the project.
“We believe the initial and future HOBO projects are extremely attractive opportunities to execute on our previously announced business strategy shift to focus on the acquisition and development of infrastructure critical to the transition of energy supply to lower carbon sources,” Evolve chief financial officer Chuck Ward said.
Established in 2005, Evolve is a publicly-traded limited partnership focused on the acquisition, development and ownership of infrastructure involved in the transition of energy supply to lower carbon sources.
Hobo develops projects that convert agricultural feedstocks into renewable fuels such as renewable diesel and SAF.