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Canada's Forest Biofuels to invest $1.35 bln at Port of Louisiana for renewable fuels plant

Canadian eco-friendly fuel business Forest Biofuels announced on Tuesday a financial investment of $1.35. billion at the Port of South Louisiana to develop a sustainable. natural gas (RNG) plant and ultragreen hydrogen facility.

The Toronto, Ontario-headquartered company utilizes waste. biomass to produce sustainable biofuel, which can then be utilized. in transportation, heating and electrical power generation.

The new center will be located at the Globalplex center. at the Port of South Louisiana, the company stated in the release,. with the very first stage of commercial operations set to begin in. 2028.

RNG's ecological advantages consist of the decrease of. natural gas use and recording climate-warming emissions that. would otherwise be released into the environment.

Nevertheless, RNG is more expensive than natural gas, which is. likewise experiencing a period of continual low rates, presently. down about 12% so far into the year.

Phase 1 of the Woodland job could see the removal of. 210,000 tonnes of co2 yearly, and phase 2 could. remove almost 660,000 tonnes, storing them underground.

The privately held business did not reveal any financial. details of the offer or capacity of RNG that it would have the ability to. produce.

To further support the task, the Louisiana Economic. Development would offer a plan worth $250 million in. rewards to Forest Biofuels, which includes. performance-based grants and the comprehensive workforce. development options, the company said.

(source: Reuters)