Tidewater Renewables on Nov. 9 confirmed that its 3,000-barrel-per-day (45.99 MMgy) renewable diesel advanced situated at its refinery in Prince George, British Columbia, produced its first renewable diesel on Oct. 22 and as of Nov. 7 had progressed to industrial operations.
Rob Colcleugh, chairman and CEO of Tidewater, mentioned the renewables unit is presently producing roughly 1,500 barrels per day of on-spec chilly climate diesel. The corporate indicated it’s actively working to soundly improve manufacturing charges towards the ability’s 3.000-barrel-per-day design capability.
“The launching of the HDRD Advanced’s industrial operations signifies a step change within the evolution of Tidewater Renewables’ enterprise mannequin,” Colcleugh mentioned. “It additionally marks the arrival of Canada as one of many few international locations on the earth that produce renewable diesel. The completion of this challenge was not with out challenges, however with unwavering assist from the British Columbia Authorities, the Metropolis of Prince George, our capital suppliers, and our crew’s relentless dedication, we bought it performed. With the completion of the HDRD Advanced, Tidewater Renewables is devoted to strengthening its monetary place, lowering its debt, and progressing our robust pipeline of renewables tasks.”
Tidewater additionally coprocesses biobased feedstock in its present oil refinery items. Colcleugh mentioned the corporate obtained approval to generate credit below the Canada’s Clear Gasoline Laws for these coprocessed volumes in July 2023.
Tidewater Renewable within the third quarter generated adjusted EBITDA of $14.5 million and a internet loss attributable to shareholders of $9.4 million.
