Chevron Renewable Energy Group and Bunker Holding Enter Strategic Partnership to Advance Biodiesel Use in U.S. and EU Marine Markets
Bunker Holding’s physical bunker subsidiary, Bunker One, ran in 2021 a test run on the M/T Amak Swan, operating the tanker on a B30 biofuel blend which consists of a second-generation bio feedstock. By entering this new partnership with one of the leading global producers and suppliers of renewable fuels, Chevron Renewable Energy Group, Bunker Holding is excited to be able to offer customers an even wider range of capable products, guaranteed by in-house testing.
AMES, Iowa, February 18, 2022 – Bunker Holding Group, the world’s largest supplier and trader of marine fuels, and Renewable Energy Group a leading global producer and supplier of renewable fuels, have entered into a strategic global collaboration agreement to further develop the U.S. and EU marine markets for sustainable bio-based diesel.
Partnering Chevron Renewable Energy Group's expertise in bio-based diesel with Bunker Holding’s global reach will allow the companies to play a critical role in transitioning the shipping industry to new and more sustainable energy sources. This collaboration agreement is initially focused on opportunities in North America and Europe, where trials of B20 and B30 are being run in high-traffic regions of both continents.
For Chevron Renewable Energy Group, this agreement continues its efforts to expand product offerings with further reach into the approximately 70 billion gallon, or 230 million metric tons, global marine market and is a clear signal of the company’s mission to enable a cleaner world and reduce greenhouse gas emissions. Chevron Renewable Energy Group biodiesel is the clean fuel option for many sectors, including on-road transportation, marine and rail, and can help companies reach sustainability targets without any major equipment modifications or technology investments.
“At Chevron Renewable Energy Group we see clearly the opportunity for biodiesel to be a sustainable fuel option of choice for customers in the clean energy transition. Partnering with Bunker Holding will accelerate the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals,” said Bob Kenyon, Senior Vice President, Sales and Marketing at Chevron Renewable Energy Group. “Our renewable fuels and customer service are helping to reduce greenhouse gas emissions today and offer a plug-and-play solution for the current shipping infrastructure. We look forward to further developing our relationship with Bunker Holding and supporting the shipping industry’s decarbonization movement.”
With this partnership, Bunker Holding takes yet another step forward in continuing its mission of delivering responsible and innovative solutions in all aspects of bunkering. Chevron Renewable Energy Group will work closely with Bunker Holding to expand its existing alternative fuel portfolio and offer sustainable fuels on a global scale to create significant value for the industry.
“As conventional fossil fuel continues to power most of the world’s marine fleet, we are thrilled to engage in this collaboration with Chevron Renewable Energy Group. It not only further strengthens our supply chain of alternative fuel, but also deepens our know-how and insight of biofuels,” said Christoffer Berg Lassen, CCO of Bunker Holding. “Engaging in partnerships with actors from value chains outside our normal boundaries is a cornerstone of our decarbonization strategy. The energy transition in shipping cannot be solved individually, and we acknowledge the importance of working closely together with partners, such as Chevron Renewable Energy Group who bring great expertise and complements our core capabilities within bunkering.”
About Chevron Renewable Energy Group
Chevron Renewable Energy Group is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Chevron Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Chevron Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2020, Chevron Renewable Energy Group produced 519 million gallons, or 1.7 million metric tons, of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Chevron Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Bunker Holding is the world’s largest supplier and trader of marine fuels. Since 1981 the company has specialized in the purchase, sale and supply of fuel and lube oil to ships. The company also helps manage risk and volatility in fuel prices and is committed to always be forward-looking and focused on answering the needs and challenges of an ever-changing industry.
With more than 1,600 specialists in 35 countries worldwide, the clients of Bunker Holding know that a local expert is always at hand with detailed insights into suppliers, port logistics, local availability, and pricing.
Bunker Holding is the largest company in the USTC Group. USTC has served global shipping for more than 140 years and holds a portfolio of activities that include oil & energy, shipping & logistics, ship owning, risk management, car activities and IT.
Forward Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the ability of Chevron Renewable Energy Group and Bunker Holding to develop the U.S. and EU marine markets for sustainable bio- based diesel, the companies’ ability to play a critical role in transitioning the shipping industry to new and more sustainable energy sources, biodiesel’s ability to help companies reach sustainability targets without major equipment modifications or technology investments, biodiesel being a sustainable fuel option of choice for customers, accelerating the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals, Chevron Renewable Energy Group's renewable fuels and customer service helping to reduce greenhouse gas emissions and offering a plug- and-play solution for the current shipping infrastructure, Chevron Renewable Energy Group and Bunker Holding expanding the Bunker Holding alternative fuel portfolio and offering sustainable fuels on a global scale. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, customer preferences for low carbon fuels and desire to source product from Chevron Renewable Energy Group and/or Bunker Holding, the ability of the marine industry to successfully use biodiesel in existing and new infrastructure, changes in governmental programs and policies, the ability of Chevron Renewable Energy Group and Bunker Holding to work together successfully, and other risks and uncertainties described in Chevron Renewable Energy Group’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and Chevron Renewable Energy Group does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
Renewable Energy Group Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
Renewable Energy Group Katie Stanley
+1 (515) 239-8184