First-Ever Biodiesel From A New York Harbor Producer Ships To Europe
New York, NY - Innovation Fuels, the rapidly emerging, New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world, has announced that it has produced the first-ever biodiesel (more than 15,000 barrels or 2,000 metric tons) to leave New York Harbor bound for Rotterdam. This marks the initial shipment serving European customers through Innovation Fuels Europe, a joint venture between Innovation Fuels and Arpadis Group.
The landmark voyage follows the company's recent closure on a $15.5M financing round led by Credit Suisse Customized Fund Investment Group on behalf of New York Common Retirement Fund ("NYCRF"), RNK Capital, and Lyrical Partners. Innovation Fuels is the first biodiesel refinery company supported by all three institutional investors.
"The initial shipping of biodiesel from the New York Harbor is wonderful validation for Innovation Fuels," remarked John Fox, CEO for Innovation Fuels. "Our strong global reach continues to be instrumental in supporting the growth of our business."
"We are looking forward to receiving the first shipment of biodiesel through our Innovation Fuels Europe joint venture," commented Laurent Abergel, Managing Director and Chairman of the Board of Arpadis Group. "This is a wonderful next step to serve Europe, the largest market for biodiesel in the world."
Innovation Fuels is a vertically integrated, producer of renewable, environmentally friendly fuels with a global reach and a verified 950,000 barrel or 130,000 metric tons per year refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin, and provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the Euro, have spurred imports of high-quality biodiesel made from vegetable oil.
Innovation Fuels Biodiesel meets both the European EN 14214 and domestic ASTM D6751 specifications. The company recently became the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee.
SOURCE: Innovation Fuels