In Canada, Tidewater Renewables announced a record average daily throughput of 2,925 barrels per day at its Renewable Diesel & Renewable Hydrogen Complex during Q2 2024, operating at an impressive 98% utilization rate. This robust performance contributed to a net income of $4.9 million for the quarter, up from $2.7 million in Q2 2023. These results underscore Tidewater Renewables’ commitment to sustainability through the production of low carbon fuels, as the company continues to lead in Canada’s energy transition.
The company’s HDRD Complex, pivotal in converting renewable feedstocks such as used cooking oil and canola into low carbon fuels, played a crucial role in this growth. Alongside production achievements, Tidewater Renewables is progressing the engineering design for its Sustainable Aviation Fuel project, set to further enhance its sustainable fuel portfolio upon approval.
As part of its broader sustainability strategy, Tidewater Renewables is also actively managing the challenges in the British Columbia Low Carbon Fuel Standard credit market. Despite recent volatility, the company remains committed to advocating for stability and long-term improvements in the market.
Tags: Canada, Tidewater Renewables
Category: Research
