Industry Veteran Todd O'Malley Joins Braya Renewable Fuels as Chief Executive Officer

COME BY CHANCE, NL, Oct. 11, 2023 /PRNewswire/ - Braya Renewable Fuels (Braya) announced today that Todd O'Malley is joining the company as its Chief Executive Officer (CEO). Frank Almaraz, Braya's current CEO, will stay on with Braya, focusing on Braya's work to develop wind and green hydrogen opportunities with ABO Wind.

"We are pleased to welcome Todd to the team," said Mr. Almaraz. "We're proud of the progress Braya has made converting the Come By Chance Refinery, a previously idled oil refinery, to renewable fuel operations. As we approach project completion, scheduled for the end of 2023, we felt it was the right time to bring on a seasoned executive like Todd, who has a wealth of experience in the refining industry. The fact that we were able to recruit and hire an executive with Todd's expertise, background and reputation in the refining community is a testament to Braya's demonstrated teamwork in advancing the project towards commercial operation."

"I'm thrilled to be joining the Braya team," said Mr. O'Malley. "Braya is really well-positioned; Frank and his team have done a great job. Under the direction of Jim Stump, Braya's President of Refining, the project has hit several key milestones and is positioned to be the largest independently owned renewable diesel refinery in North America. I'm eager to do my part in helping the refinery in Come By Chance contribute to the ongoing effort to decarbonize heavy transport and aviation, both of which are crucial to the world's economic activity and have limited near-term energy transition solutions."

Chris Rozzell, Braya's Chairman of the Board and Managing Partner of Cresta Fund Management LLC, a private equity fund based in Dallas, Texas that owns a controlling interest in Braya, added, "Todd is a great addition to Braya's leadership team. He has an unmatched reputation in the refining industry, and we think Todd is a perfect fit for Braya as it grows into its renewable fuel production ambitions. Adding Todd to the team will also give Frank more time to focus on Braya's green hydrogen project, which is a key growth area for its business."

On September 6, 2023, Braya announced the successful outcome of the Crown Land Call for Bids for Wind Energy Projects, which awarded to Braya partner ABO Wind exclusive rights to pursue development of the Toqlukuti'k Wind and Hydrogen Ltd. Project. Mr. Almaraz will continue to lead the project development for Braya.

Most recently, Mr. O'Malley had been Executive Vice President and Chief Operating Officer of Delek US Holdings, Inc. (NYSE: DK), a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing, and Delek Logistics Partners, LP (NYSE: DKL), a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Prior to joining Delek in 2021, Mr. O'Malley served as a special advisor to a number of private equity and public company CEOs and boards regarding corporate strategy, M&A/divestments, financial structuring, and commercial optimization. He has previously held C-suite positions at Citizens Companies (President and CEO), Gulf Oil (EVP and Chief Commercial Officer), PBF Logistics (President), and PBF Energy (SVP and Chief Commercial Officer). He has also worked extensively in the investment banking, hedge fund, commodity trading, and electric and natural gas sectors. He holds an undergraduate degree from Colgate University (Cum Laude) and an MBA from Thunderbird School of Global Management.

Braya Renewable Fuels owns and operates the Come By Chance Refinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operation. The refinery has been renamed Braya Renewable Fuels, after the rare and beautiful Newfoundland and Labrador Braya flower. The refinery is strategically located to deliver fuels to a variety of end markets and has a successful ~50-year operating history as a conventional fuels refinery. The refinery plans to produce renewable diesel and sustainable aviation fuel, which help decarbonize sectors—heavy road transport and aviation—that are key to economic activity and have few other near-term, executable decarbonization solutions. For more information, please visit brayafuels.com.

Cresta is a Dallas-based investment manager with ~$1.5Bn of assets under management providing growth equity for sustainable and conventional energy, industrial, transportation and agricultural infrastructure. Founded in 2016, Cresta's team has decades of combined development, engineering, commercial, trading, legal and financial experience in the energy infrastructure business. For more information, please visit crestafunds.com.

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SOURCE Braya Renewable Fuels