Finland-headed Neste Oyj, the world's leading producer of renewable fuels and chemicals has announced that it has agreed to acquire 100 percent of US-based Mahoney Environmental Inc. (Mahoney), an Environmental Protection Agency (EPA) licensed collector and recycler of used cooking oil (UCO) in the United States, and its affiliated entities.
According to Neste, the transaction, which is subject to the fulfillment of customary closing conditions and regulatory approval, supports its effort to build a global waste and residue raw material platform that can keep pace with the world’s growing demand for renewable products. It will also enhance Neste’s competitiveness in the global waste and residue raw material market.
This is another important step for Neste in the execution of our growth strategy. With this acquisition we will gain access to a substantial volume of used cooking oil as well as a platform to grow our raw material supply chain in North America, said Peter Vanacker, President, and CEO of Neste.
Used cooking oil is one of more than 10 different types of feedstock that Neste can use to produce renewable diesel, sustainable aviation fuel and raw materials for renewable polymers. An extensive raw material base provides flexibility, allowing Neste to respond to the needs of different markets and customers. The end product is always of premium quality, regardless of the type of renewable raw material used in production.
Mahoney collects UCO nationwide from restaurants, hotels, sports stadiums and airports. The company pretreats the leftover oil, creating a reliable sustainable component that can be turned into renewable products.
This is an important part of our growth strategy in North America. In addition, we are building more commercial fueling sites, expanding our storage and logistics footprint, and distributing sustainable aviation fuel, said Jeremy Baines, President, Neste US, Inc.
