Nexus Development Capital Invests in Castlerock Biofuels LLC, Ensyn’s Joint Venture for Production Development in the U.S.
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Robert Pirraglia, President of Ensyn Corporation (Ensyn), is pleased to announce an investment of approximately US$9 million by Nexus Development Capital LLC (Nexus) in Castlerock Biofuels LLC, Ensyn’s joint venture for the development of production capacity in the U.S.
The USD$9 million will be deployed primarily for the development of a 20 million gallon/year production facility in the Katahdin region of Maine. This project will produce RFO® renewable fuel oil from forest residuals for sale primarily to local institutional and industrial entities for sustainable, low-carbon heating purposes.
Through the Castlerock Biofuels joint venture, Ensyn plans to build out multiple production facilities in the U.S., initially focused on production of renewable heating fuels, a fully commercial application of its core RTP® technology. The newly installed production capacity will also be used to commercialize other products, including renewable gasoline & diesel, green hydrogen, cellulosic ethanol & methanol, SAF, renewable chemicals and carbon sequestration.
Ensyn has been supplying its RFO renewable heating fuel to institutions in the Northeast United States on a continuous and commercial basis since 2014. The Castlerock Biofuels joint venture represents an expansion of this activity.
Robert Pirraglia, Ensyn’s President, commented, “The first step in our U.S. production development plan was the 2023 alliance between Ensyn and Castlerock Green Energy LLC, a group of experienced energy project developers and financiers. This alliance has now been strengthened significantly by the investment and participation of Nexus Development Capital, a highly experienced and talented investment firm with innovative financing solutions.”
Construction of the Maine project is expected to commence within the next 12 months.
