Partnership also brings additional carbon capture expertise to flagship sustainable aviation fuels project in
"Our partnership with JX and Sumitomo through their new consortium, M-SEP, will bring both financial support and the deep carbon capture technical expertise that is needed to continue advancing toward construction," said Dr.
In addition to being a strategic investor through the consortium, JX will add its expertise to the company's LGF project, leveraging its carbon capture and sequestration (CCS) experience gained in building and operating the Petra Nova Carbon Capture, Utilization and Storage (CCUS) project near
"The LGF project presents an excellent opportunity to enhance our capability for the greater energy transition by leveraging our CCS experience," said
"CCS will play a vital role in achieving carbon neutrality. JX's engagement will enhance the success of producing ultra low carbon SAF product and we're excited about the future with these two partners," said
In February, SCOA announced a major investment commitment to Strategic Biofuels' LGF project, revealing that it will help the project reach a Financial Investment Decision and commencement of construction in early 2025. At the same time, Strategic Biofuels announced that it would be shifting its primary renewable fuel product to SAF. SCOA intends to provide a 20-year offtake for the approximately 640 million gallons of renewable fuels produced as well as all state and federal renewable fuel credits.
About Strategic Biofuels¯
Strategic Biofuels LLC is a team of highly experienced energy, petrochemical and renewable fuels technology experts focused on developing a series of deeply negative carbon footprint plants in northern
About JX Nippon Oil and Gas Exploration Corporation
JX Nippon Oil & Gas Exploration Corporation have engaged in energy exploration and production (E&P) business around the world for over 40 years, as a core operating company in the ENEOS Group, one of
About Sumitomo Corporation of
Sumitomo Corporation of Americas is the largest subsidiary of Sumitomo Corporation, an integrated trading company with a strong global network comprising 129 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of "Enriching lives and the world," based on Sumitomo's business philosophy passed down for over 400 years. For more information, please refer to our website at www.sumitomocorp.com.