Bunge Ltd, the world's largest oilseeds processor, and Olleco, the renewables division of Ireland-headed ABP Food Group, have announced an agreement to form a 50/50 joint venture to create a business that encompasses the full life-cycle of edible oils.
According to a statement, the joint venture is expected to work with food service- and food manufacturing customers in Europe – excluding UK and Ireland – to supply edible oils and ensure the used cooking oil (UCO) is efficiently collected and used as a feedstock in the production of renewable fuels.
The solutions and services to be offered will help address environmental and energy security challenges from key markets in Europe.
We are pleased to partner with Olleco as we expand our portfolio of renewable feedstocks in Europe. Together, we share a commitment to sustainability and to finding innovative solutions to reduce carbon in our value chains, said Greg Heckman, CEO of Bunge.
To be headquartered in Amsterdam, the Netherlands the joint venture is expected to leverage Bunge’s customer relationships, footprint, and global expertise in vegetable oil production and Olleco’s market-leading model in the supply, collection, and conversion of cooking oils.
With 19 sites strategically located throughout the UK and Ireland, Olleco services over 50 000 catering establishments with UCO and food waste collection.
The largest UCO collector in the UK and Ireland, Olleco currently operates three UCO biorefineries, a biodiesel plant, and a bulk liquid storage facility.
Food waste is processed at three anaerobic digestion (AD) plants with support from a wider network of licensed biogas facilities to produce biomethane (aka renewable natural gas – RNG), heat, power, and organic fertilizer.
This is an exciting step for Olleco in Europe. The 50/50 joint venture will accelerate our expanding footprint allowing us to unlock a wider, professionalized service to the food industry that works to capture this valuable resource. We’re delighted to partner with Bunge, a company that is agile, innovative, and committed to the renewables space, commented Joe Kenny, CEO of Olleco.