Strategic Biofuels Announces Strategic Investment from Magnolia Sustainable Energy Partners
Retrieved on:
Tuesday, April 9, 2024
Carbon, Sumitomo Group, Partnership, LGF, JX, CCS, Biofuel, Utilization, Forestry, CCUS, SAF, Renewable energy
COLUMBIA, La., April 9, 2024 /PRNewswire/ -- Strategic Biofuels, a leading sustainable aviation fuels (SAF) project developer, announced today a strategic investment commitment from Magnolia Sustainable Energy Partners (M-SEP), a newly formed Japanese-based investment consortium created by Sumitomo Corporation of Americas (SCOA) and JX Nippon Oil & Gas Exploration Corporation (JX). The investment from M-SEP will be used to further advance the company's flagship Louisiana Green Fuels (LGF) project, an ultra-low carbon negative SAF plant located in Caldwell Parish, Louisiana.
Key Points:
- COLUMBIA, La., April 9, 2024 /PRNewswire/ -- Strategic Biofuels , a leading sustainable aviation fuels (SAF) project developer, announced today a strategic investment commitment from Magnolia Sustainable Energy Partners (M-SEP), a newly formed Japanese-based investment consortium created by Sumitomo Corporation of Americas (SCOA) and JX Nippon Oil & Gas Exploration Corporation (JX).
- "It's an honor to work with Strategic Biofuels and SCOA, who possess remarkable technical, project management, business, and financing expertise and leadership to help us achieve our goals."
- We continue to support creating strategic partnership with Japanese strategic investors through M-SEP"
In February, SCOA announced a major investment commitment to Strategic Biofuels' LGF project, revealing that it will help the project reach a Financial Investment Decision and commencement of construction in early 2025. - At the same time, Strategic Biofuels announced that it would be shifting its primary renewable fuel product to SAF.