Tidewater Renewables: Canada’s First Standalone Renewable Diesel Facility

1 Mins read

Tidewater Renewables has announced that it is just weeks away from achieving commercial production at Canada’s inaugural standalone renewable diesel facility. Despite missing its previous target date of June, the company remains confident in its progress.

The Renewable Diesel & Renewable Hydrogen Complex

“The HDRD Complex, Tidewater Renewables’ pioneering renewable diesel facility, is on the verge of first production,” stated interim Chief Executive, Rob Colcleugh.

The facility, located in Calgary, Alberta, will not only mark a significant milestone for the country but also serve as a catalyst for Tidewater Renewables’ growth. According to Colcleugh, “Its cash flow is expected to launch the next stage of Tidewater Renewables’ expansion.”

While the renewable hydrogen production is set to commence within days, the start-up of the renewable diesel unit is anticipated in late August. Subsequently, commercial operations will follow shortly thereafter.

However, slight delays have pushed back the expected timeline, with commercial operations now slated to begin in late August 2023, as opposed to the previous target of June 2023. These delays are attributed to resource challenges and minor commissioning issues. Despite this setback, the company expects the overall project costs to increase by approximately $8 million (Canadian dollars). Fortunately, it anticipates that this increase will be offset by the higher realized value of capital emissions credits.

Positive Outlook and Future Prospects

Tidewater Renewables remains optimistic about the industry’s outlook, citing strong fundamentals and favorable market conditions for renewable fuels. It also highlights the increasing demand for environmental credits driven by compliance requirements and voluntary environmental commitments.

Related posts

Kanabo Group Reports Narrowed Pretax Loss for First Half-Year

1 Mins read
Kanabo Group, a leading medical-cannabis company, has announced a substantial reduction in its pretax loss for the first half of the year….

Trump's Chances of Winning the 2024 Presidential Election on the Rise

1 Mins read
According to betting markets tracked by RealClearPolitics, Donald Trump’s chances of winning the 2024 presidential election have seen an improvement this week….

The Continuing Surge of the Dollar

2 Mins read
The strength of the U.S. dollar continues to climb, recently reaching its highest level in nearly a year. While this rise can…

Leave a Reply

Your email address will not be published. Required fields are marked *

64 + = 71