Nexus Development Capital Announces Investment in Castlerock Biofuels

BROOKLYN, N.Y., July 24, 2024 /PRNewswire/ -- Nexus Development Capital, LLC (NDC), a leading investment firm specializing in catalytic capital for teams deploying low-carbon infrastructure, is pleased to announce an investment of approximately $9 million in Castlerock Biofuels LLC (Castlerock Biofuels), a joint venture company led by Ensyn Corporation (Ensyn) and Castlerock Green Energy LLC (CGE). This investment marks a substantial step forward in the development of renewable fuel production facilities in the United States.

Project Overview:

Castlerock Biofuels is dedicated to developing renewable fuel oil production facilities, with its flagship project located in the Katahdin region of Maine. This project will produce 20 million gallons of RFO® renewable fuel oil annually, utilizing Ensyn's proprietary RTP® technology. At completion, this will be the largest project in the world to produce renewable fuel oil using pyrolysis of wood feedstock. RFO® renewable fuel oil produced at this project will be used to heat and cool facilities in the Northeast, with construction expected to commence within the next 12 months.

Ensyn's RFO renewable fuel oil has been proven to reduce lifecycle greenhouse gas emissions up to 85%. The primary applications are in co-processing in traditional refineries to produce renewable transportation fuels and as renewable heating fuel to replace traditional fossil-based heating oil. Castlerock Biofuel supports colleges and universities, district energy plants, and industrial facilities to economically meet their sustainability goals

The investment from NDC will facilitate the development of this project and the expansion of additional renewable energy production initiatives. Future projects in Washington and Minnesota are also in development.

Key Highlights:

• Significant Capital Commitment: NDC is providing substantial financial support to accelerate the development of renewable fuel production facilities.
• Technological Advancement: Ensyn's technology will be utilized to produce 20 million gallons of renewable fuel oil annually at Castlerock Biofuels' initial project, contributing to a more sustainable energy landscape.
• Strategic Location: The flagship project in the Katahdin region of Maine will serve as a model for future developments in the renewable energy sector.

Quotes:

Joshua Kaufman, CEO and Co-founder of NDC, stated, "We are thrilled to partner with Castlerock Biofuels and support their mission to develop sustainable energy solutions. This investment aligns with our commitment to accelerate the deployment of sustainable infrastructure."

John Murphy, Managing Director of Castlerock Biofuels, commented, "The investment from NDC is a significant milestone for our company. It not only supports the development of our flagship project in Maine but also paves the way for future projects that will contribute to a greener and more sustainable future."

"We welcome NDC as an important new partner in Castlerock Biofuels, our alliance with Castlerock Green Energy, for expansion of production capacity in the U.S.," stated Robert Pirraglia, Ensyn's President. "We look forward to working with our partners as we advance our projects in Maine and in other sites within the U.S."

About Nexus Development Capital, LLC: NDC is an investment partner dedicated to providing capital and expertise to teams developing sustainable infrastructure projects in the alternative fuels, sustainable agriculture, and industrial decarbonization sectors. Their investment differentiation lies in their ability to address the crucial financing gap not served by traditional early-stage and infrastructure investment models.

About Castlerock Biofuels LLC: Castlerock Biofuels is dedicated to developing renewable fuel oil production facilities in the United States. By leveraging advanced technology and strategic partnerships, Castlerock Biofuels aims to lead the transition towards sustainable energy solutions.

About Ensyn Corporation: Ensyn is a leader in the production of renewable fuels and chemicals from wood and other non-food biomass. Using their proprietary RTP® technology, Ensyn converts cellulosic biomass into a renewable liquid fuel used for heating, the production of sustainable transportation fuels, and the production of renewable chemicals. Ensyn has been operating commercial production facilities since 1989.

About Castlerock Green Energy LLC: Castlerock Green Energy stands at the forefront of renewable energy and infrastructure innovation. The company aims to construct renewable fuel production plants across the United States that replace traditional fossil fuel oils and play a vital role in supporting the communities where they exist.

For more information, please visit:

• Nexus Development Capital, LLC: www.nexusdevcap.com
• Ensyn Corporation: www.ensyn.com
• Castlerock Green Energy LLC: www.castlerockgreenenergy.com

For any additional details or inquiries, please reach out to [email protected] or [email protected].

Contact: Ashlynn Horras
Principal, Nexus Development Capital
Email: [email protected]

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SOURCE Nexus Development Capital