CastleRock Green Energy Announces New Low-Carbon Fuel Manufacturing Facilities in Shelton, WA Made Possible by Democrats' Inflation Reduction Act Tax Credits
The $400 million investment will create 380 full time jobs and 250 construction jobs, helping sustain critical regional forest products jobs
The investment is possible because of Democrats' commitment to building a clean energy economy and the Inflation Reduction Act—which Senator Murray was a leader in passing
SHELTON, Wash., Nov. 7, 2022 /PRNewswire/ -- Today CastleRock Green Energy, a renewable energy and infrastructure fund based in New York, NY, announced its intention to build a pair of 20 million gallon per year biofuel production facilities in the area of Shelton, Washington. Producing low carbon biofuel in Washington state will help cut home heating costs for Washington state households, create hundreds of new jobs in Mason County, all while reducing emissions and combatting the climate crisis. The investment in new biofuel production facilities is made possible in part because of the Inflation Reduction Act, which Senator Murray (D-WA) was a leader in passing.
"I fought so hard to pass the Inflation Reduction Act because transitioning to a clean energy economy means creating good jobs in Washington state, lowering energy costs for Washington state families, and tackling the climate crisis so our kids inherit a healthy planet," said Senator Patty Murray (D-WA). "And CastleRock Green Energy's investment in Mason County makes clear that the Inflation Reduction Act is already making a world of difference. Because of tax credits to incentivize domestic production of biofuels, CastleRock Green Energy is bringing 380 good-paying jobs to Mason County and that will mean lower energy bills for families from Seattle to Spokane. Washington state is already a leader in clean energy—but because of the Inflation Reduction Act and companies like CastleRock Green Energy, we will be on the cutting edge of building a stronger, cleaner economy for everyone."
John Murphy, Executive Director of Biofuels at CastleRock Green Energy, added "We are extremely excited to bring clean, renewable fuel to the state of Washington, and to contribute to continued economic development on an environmentally friendly basis. Because of the Biden Administration's commitment to building a clean energy economy, and champions like Senator Murray who helped pass the Inflation Reduction Act, we are confident that the biofuel production in Mason County will help combat climate change, bring new jobs, and cut heating costs across the state. We have tremendous confidence in the commercially proven Ensyn technology, which we have spent considerable time evaluating."
Democrats' Inflation Reduction Act, which was signed into law in August, included tax credits that incentivize companies to invest in domestic production of low-carbon and renewable fuels. The largest investment in climate action in American history, the Inflation Reduction Act is allowing CastleRock Green Energy, Ensyn and companies like them to create good-paying jobs in Washington state, capitalizing on the natural resources the state has to offer, all while reducing carbon emissions and fighting climate change.
Shelton was strategically selected due to its proximity to high concentrations of major industrial timber owners, ensuring a long-term feedstock supply and the ability to meet precise feedstock specifications in sufficient quantities to generate up to 40 million gallon per year of low carbon fuels.
In a unique partnership, up to 20 million gallons per year would be available to provide low carbon heating oil to Seattle district energy customers. This partnership would fully displace the traditional fossil fuels currently being used, eliminating approximately 82,000 metric tons of carbon emissions annually, the equivalent of taking 17,775 cars off the road every year.
The up to $400 million local investment will create:
250 construction jobs
380 full time jobs including at the plants and in the timber harvest sector
$40 million in annual economic impact for labor, materials, and transportation
CastleRock intends to deploy proven technology from Ensyn Corporation, a company that produces low carbon biofuel for heating oil and co-processing (i.e., blending of renewable feedstock with petroleum in traditional refineries). Ensyn's technology has been successfully processing cellulosic residuals to produce renewable products in the US for more than 20 years. Ensyn's proprietary technology, known as RTP®, which is currently utilized at 8 operating production facilities in the US and Canada, converts woody, non-food biomass into fuel and chemicals. It produces renewable fuels that can fully replace traditional fuel oil, reducing carbon emissions by approximately 85%, or can be co-processed with petroleum to produce traditional fuels, such as aviation fuel, diesel and gasoline, to create products with significantly lower carbon footprints. Ensyn has been supplying low carbon fuel oil (LCFO) on a commercial basis since 2014. Ensyn's LCFO has been used commercially and demonstrated at commercial scale in a wide variety of thermal platforms, including large institutional and commercial boilers, district energy plants and industrial boilers and furnaces.
About CastleRock Energy Partners
CastleRock Green Energy is a renewable energy and infrastructure fund, based in New York, NY. The fund is focused on highly structured opportunities in biofuel production, transportation, logistics and distribution opportunities in North America, as well as agriculture technology. We emphasize carbon reduction, local economic and environmental benefits, long duration contracts with high quality counterparties, and limited or no commodity price risk.
Ensyn Corporation provides proprietary low carbon fuel solutions and renewable chemicals from non-food, woody feedstocks. Ensyn's proprietary technologies sit at a critical juncture in the global search for decarbonization solutions, namely the conversion of woody, non-food biomass to low carbon fuels and renewable chemicals.
View original content to download multimedia:https://www.prnewswire.com/news-releases/castlerock-green-energy-announces-new-low-carbon-fuel-manufacturing-facilities-in-shelton-wa-made-possible-by-democrats-inflation-reduction-act-tax-credits-301670961.html
SOURCE CastleRock Green Energy