Nexus Development Capital invests $9M in Castlerock Biofuels

In New York state, Nexus Development Capital, LLC announced an investment of approximately $9 million in Castlerock Biofuels, a joint venture company led by Ensyn Corporation (Ensyn) and Castlerock Green Energy LLC (CGE). This investment marks a substantial step forward in the development of renewable fuel production facilities in the United States.

Castlerock Biofuels is dedicated to developing renewable fuel oil production facilities, with its flagship project located in the Katahdin region of Maine. This project will produce 20 million gallons of RFO renewable fuel oil annually, utilizing Ensyn’s proprietary RTP technology. At completion, this will be the largest project in the world to produce renewable fuel oil using pyrolysis of wood feedstock. RFO renewable fuel oil produced at this project will be used to heat and cool facilities in the Northeast, with construction expected to commence within the next 12 months.

Ensyn’s RFO renewable fuel oil has been proven to reduce lifecycle greenhouse gas emissions up to 85%. The primary applications are in co-processing in traditional refineries to produce renewable transportation fuels and as renewable heating fuel to replace traditional fossil-based heating oil. Castlerock Biofuel supports colleges and universities, district energy plants, and industrial facilities to economically meet their sustainability goals

The investment from NDC will facilitate the development of this project and the expansion of additional renewable energy production initiatives. Future projects in Washington and Minnesota are also in development.