Nexus Development Capital, LLC (NDC), a leading investment firm focused on sustainable infrastructure, has announced a significant investment of approximately $9 million in Castlerock Biofuels LLC. This joint venture, led by Ensyn Corporation and Castlerock Green Energy LLC, is dedicated to developing renewable fuel oil production facilities in the United States. The investment signals a major step forward in the development of sustainable energy solutions.
Castlerock Biofuels’ flagship project, located in the Katahdin region of Maine, will be the largest in the world to produce renewable fuel oil using pyrolysis of wood feedstock. The facility will produce 20 million gallons of RFO® renewable fuel oil annually, utilizing Ensyn’s proprietary RTP® technology. This renewable fuel oil will be used to heat and cool facilities in the Northeast, contributing to a more sustainable energy landscape. The project is expected to begin construction within the next 12 months.
Ensyn’s RFO® renewable fuel oil has been proven to reduce lifecycle greenhouse gas emissions by up to 85%. This makes it a viable alternative to traditional fossil-based heating oil. The primary applications for this renewable fuel oil include co-processing in traditional refineries to produce renewable transportation fuels and as renewable heating fuel.
The investment from NDC will be instrumental in facilitating the development of this flagship project and the expansion of additional renewable energy production initiatives. Future projects in Washington and Minnesota are already in development, further demonstrating the commitment to a greener future.
This investment aligns with NDC’s mission to accelerate the deployment of sustainable infrastructure. The company is dedicated to providing capital and expertise to teams developing sustainable infrastructure projects in the alternative fuels, sustainable agriculture, and industrial decarbonization sectors.
Joshua Kaufman, CEO and Co-founder of NDC, expressed his enthusiasm for the partnership, stating, “We are thrilled to partner with Castlerock Biofuels and support their mission to develop sustainable energy solutions.”
John Murphy, Managing Director of Castlerock Biofuels, echoed this sentiment, highlighting the significance of the investment: “The investment from NDC is a significant milestone for our company. It not only supports the development of our flagship project in Maine but also paves the way for future projects that will contribute to a greener and more sustainable future.”
Robert Pirraglia, Ensyn’s President, welcomed NDC as a key partner in Castlerock Biofuels, stating, “We welcome NDC as an important new partner in Castlerock Biofuels, our alliance with Castlerock Green Energy, for expansion of production capacity in the U.S.” He added, “We look forward to working with our partners as we advance our projects in Maine and in other sites within the U.S.”
This strategic partnership between NDC, Castlerock Biofuels, and Ensyn signifies a significant step towards a more sustainable energy future. The investment will support the development of renewable energy production facilities, contribute to a greener energy landscape, and pave the way for future projects in the United States.
