Federated Co-operatives acquires True North Renewable Fuels’ intellectual property
Saskatoon, Saskatchewan-based Federated Co-operatives Ltd. announced in April that it has purchased the assets of True North Renewable Fuels, a proposed renewable diesel project in Regina.
“We have acquired their intellectual property and are confident it gives us a strategic advantage,” Brad DeLorey with FCL’s Co-op Refinery Complex told Biobased Diesel Daily, when asked exactly what these assets are that were purchased. “We are still determining the best path forward as we proceed with evaluating the overall scope of this potential project.”
In an April 9 press release, FCL said, “Renewable fuels are a critical component of FCL’s climate change strategy and are the reason the company pursued the purchase of True North’s assets. After careful analysis of the work True North has completed with regard to biofuel production, FCL felt that the acquisition of True North’s current assets would supplement the work FCL has already completed…”
The mayor of Regina, Sandra Masters, said, “After our original discussions with True North, we knew they had identified an exciting potential opportunity for biofuel technology. With FCL’s acquisition of True North, we are confident the city has a prominent business partner that can take that vision from concept to reality. This is an incredibly positive step for our city and our long-term sustainability goals.”
FCL touts its relationship with and investment in the local Regina economy, including an $80 million turnaround at FCL’s Co-op Refinery Complex in Regina began April 5, creating 1,700 additional temporary jobs through early June.
In March, the city of Regina approved a grant of up to $1 million for True North to conduct a front-end engineering and design study for its project.
“The idea of biofuel production is a concept I have been working on for four years, and it has truly become a passion project for me,” said Douglas Cole, CEO of True North. “I am confident that FCL has the resources and operational knowledge to fully assess producing biofuel. In FCL, I believe we have found the right company to ensure the project comes to fruition. The concept is in good hands.”
