Toronto, Ontario–(Newsfile Corp. – November 15, 2021) – Envest Corp. (“Envest” or the “Company”), an independent clean energy producer, is pleased to announce that it has made a strategic investment in American biofuels company, Biodiesel Las Americas, LLC (“BLA”). BLA’s first biodiesel production facility is strategically located in Miami, Florida with a production capacity of up to 10 million gallons per year. Envest’s investment has been directed towards process and automation upgrades currently underway, with anticipated re-commissioning in early 2022. Envest intends to establish a network of biofuels facilities in the U.S.
“Envest’s investment allows us to lever our expertise in bioenergy to vertically integrate BLA and expand further into biofuels,” said Jason Moretto, Envest’s President and CEO. “The BLA transaction enhances Envest’s geographical scope in North America with a presence in the American southeast, which we plan to expand from with additional renewable energy development opportunities.”
Biodiesel is a renewable, clean burning alternative fuel produced from domestic renewable sources such as vegetable oils, animal fats, or recycled cooking oils. It is a clean energy solution that meets the biomass-based diesel and advanced biofuel requirements of the U.S.’s Renewable Fuel Standard to reduce emissions and lower foreign oil dependence. As a substitute for petroleum-based diesel, biodiesel produces lower greenhouse gas emissions and is also biodegradable, non-toxic, and free of sulfur and aromatics. Based on Environmental Protection Agency parameters, utilizing BLA’s capacity would be equivalent to mitigating over 80,000 tonnes of CO2 per year. In addition, the use of recycled materials contributes towards pollution reduction.
On October 28, 2021, U.S. President Biden and Congressional leaders released the Build Back Better budgetary framework that includes approximately $1 billion for biofuels infrastructure and a four-year extension of the biodiesel tax credit among other incentives. The bill includes extensions of the biodiesel and renewable diesel tax credit and the second-generation biofuel production tax credit.
“We are encouraged by the U.S. administration’s stimulus measures, which target incentives to grow domestic supply chains in sustainable energy and should benefit BLA and our biofuels initiatives,” added Gary Kissack, Envest’s Executive Chairman. “These strong policy tailwinds support our long-held thesis to extend our asset base in this renewables sector.”
About Envest Corp.
Envest Corp. is an independent energy producer delivering private utility and recycling solutions to industry and government. Envest finances, builds, owns and operates turnkey clean energy systems tailored to customers’ objectives in mission critical environments. Envest’s mission is to create safe, sustainable, reliable and cost-competitive infrastructure to produce clean forms of energy through resource recovery and other carbon emission reduction strategies. Envest uses renewable and natural resources to provide clean distributed energy and bioenergy infrastructure.
For more information on Envest, please visit www.envestcorp.com.
For further information please contact:
Jason Moretto, President & CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103545
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