New agreement to fund renewable fuel facility

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Evolve Transition Infrastructure and HOBO Renewable Diesel have signed an agreement to fund the construction of a new facility expected to produce more than 120 million gallons of renewable fuels annually (9,300 barrels per day).
Houston-based Heating Oil to Bean Oil (HOBO) converts waste feedstocks into renewable diesel for renewable fuel producers. HOBO Renewable Diesel expects to be in full production at this first site by the fourth quarter of 2023.
Subject to the satisfaction of certain conditions, including HOBO securing a long-term strategic offtake agreement for the fuels project, Evolve will exclusively fund the development and construction of the fuels project and future renewable fuels projects that can produce renewable diesel and sustainable aviation fuel (SAF).
HOBO and Evolve are also considering incorporation of additional carbon reduction opportunities into the fuels project and future projects which the management teams believe could result in the production of some of the lowest carbon-intensity fuels in the US.
HOBO Renewable Diesel produces its fuel using Haldor Topsoe’s Hydroflex technology.
The resulting product meets and surpasses current Ultra Low Sulphur Diesel (ASTM D-975) specifications.