Green Fuels Ventures (GFV), a subsidiary of UK biofuel technology developer Green Fuels Ltd has announced that it has signed a Memorandum of Understanding (MoU) concerning the deployment and operation of distributed-scale biodiesel production facilities in the Republic of Panama. The project’s objective is to refine biodiesel and advanced biofuels for the distributed energy, marine, aviation, and general transportation sectors from a variety of sustainably sourced, biogenic feedstocks.
Green Fuels Ventures signed the MOU with Panamian company Telfer Tanks Inc., and according to a statement, the move reinforces “Green Fuels’ commitment to its biodiesel refining capacity-building strategy in Latin America.”
Under the MOU, GFV and Telfer intend to form a joint venture company, Triton Green Fuels, which will import and operate a 50 000 litre-per-day FuelMatic GSX50 biorefinery, manufactured at Green Fuels’ engineering works in Berkeley, UK.
The companies’ objective is to establish one or more biodiesel facilities at Telfer’s fuel storage facility and terminal in the Free Trade Zone of the Port of Colon and, as blend mandates come into effect and market demand increases, elsewhere in Panama with smaller FuelMatic models under a hub and spoke supply chain strategy.
Having recently shipped our first latest-generation FuelMatic in Latin America to Brazil, we are delighted to announce this project with a major fuel bunkering operator like Telfer Tanks, which will provide real impetus for our ambition of promoting sustainable, distributed-scale, circular bioeconomies in the region. Triton Green Fuels’ contribution to the decarbonization of transport and power generation through the use of biofuels will be significant, and Panama’s strategic location means it can serve as a major focal point and hub for the production and distribution of advanced biofuels, said Manuel Thompson, CEO of Green Fuels Ventures América Latina.
This joint venture is the first phase for a potential future renewable diesel (hydrotreated vegetable oil – HVO) and sustainable aviation fuel (SAF) production facility utilizing Green Fuels SABR technology via the established HEFA production pathway.
Telfer Tanks is excited to announce our partnership with Green Fuels of the UK. Together we will be the first oil terminal in Panama to refine and commercialize advanced biofuels for distributed energy and general transportation purposes and, more specifically, for the marine sector. Our main goal is to encourage others and promote the use of biofuels in the country and throughout the region to mitigate the effects of carbon emissions and combat climate change, said Samil Far, Director, Telfer Tanks.