World Energy acquires renewable jet fuel producer AltAir
In the United States (US), Boston-based advanced biofuel producer, World Energy, LLC has revealed that it has closed on the purchase from Delek US Holdings, Inc. (Delek) of its interests in renewable jet and diesel producer AltAir Paramount, LLC (AltAir), its Paramount Petroleum, LLC refinery assets, both collocated in Paramount, CA, as well an adjacent tank farm and most of Delek’s California pipeline assets.
The deal which closed for an undisclosed amount on March 19, includes a 63-acre complex consisting of a 45 million (US) gallon (≈ 174 million litre) per annum renewable jet and/or renewable diesel production facility, 1.7 million barrels of product storage, a truck rack with 28 thousand barrels per day of throughput capacity, rail storage for up to 70 rail cars, and pipelines stretching over 71 miles connecting the facility to major southern California distribution hubs including Long Beach.
This acquisition places us in the heart of the growing California cleaner fuels market by adding to our platform the world’s first renewable jet refinery and one of only three US renewable diesel plants. Our move into California, into renewable jet/diesel technology, and into expanding our downstream distribution capabilities are important next steps in our effort to establish a reliable coast to coast supply presence for growing blended biofuel customers. We look forward to being a great corporate citizen in Paramount and to making ever-larger contributions to the nation’s quest for cleaner renewable fuels, said Gene Gebolys, CEO, World Energy.
Founded in 1998, World Energy operates biodiesel manufacturing plants in Houston, TX, Natchez, MS, Rome, GA and Harrisburg, PA with around 200 million gallons (≈ 775 million litres) annual production capacity along with distribution hubs throughout the country.
Supported by the frameworks of the national Renewable Fuel Standard and California’s Low Carbon Fuels Standard programs, AltAir converted a struggling petroleum refinery to one of the country’s most important renewable fuel refineries, while preserving and converting approximately 100 jobs to the green economy. I am proud to have led the development of AltAir, excited to have facilitated this transaction with World Energy and am thrilled to join the company’s executive leadership team to make an even bigger impact in California, North America and beyond, said Bryan Sherbacow, AltAir co-founder.