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First Biodiesel Shipment from New York to Europe

August 8, 2008 | 4 Comments

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New York, New York [RenewableEnergyWorld.com] Innovation Fuels, a New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world, has announced that it has shipped more than 15,000 barrels of biodiesel to Europe from New York Harbor. The company says it is the first-ever shipment of the renewable fuel from the harbor.

"Our strong global reach continues to be instrumental in supporting the growth of our business."

-- John Fox, CEO of Innovation Fuels

Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the Euro, have spurred imports of high-quality biodiesel made from vegetable oil.

The shipment follows Innovation's recent closure on a $15.5 million financing round led by Credit Suisse Customized Fund Investment Group on behalf of New York Common Retirement Fund, RNK Capital, and Lyrical Partners.

“The initial shipping of biodiesel from the New York Harbor is wonderful validation for Innovation Fuels,” remarked John Fox, CEO of Innovation Fuels. “Our strong global reach continues to be instrumental in supporting the growth of our business.”

Innovation Fuels is a vertically integrated, producer of renewable fuels with a 950,000 barrel per year refinery located in New York Harbor. It recently acquired North American Biodiesel, which now provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, located on the western shore of Lake Michigan.

Bioenergy

4 Reader Comments

Comment
1 of 4

michael-chiacos-71320

August 8, 2008

Its really fantastic that we are shipping our homegrown renewable energy to Europe. I thought they had closed the loophole and subsidies that allow our subsidized biofuels to flow to other markets.

Can they send some oil from the North Sea back to us to close this ridiculous loop?

Comment
2 of 4

fred-linn-151968

August 9, 2008

Yes, look how much oil we are having to import just to burn---and that is what is causeing the inflation of the US Dollar.

How about if we increase production, keep some of it here and send some of it overseas, and start reversing inflation?

Comment
3 of 4

edward-wilhelm-75955

August 13, 2008

My first thought about this article was, this is a crime .The main reason that farmers grow fuel crops is to help our own country. That's why our government subsidizes biofuels. When truckers can no longer afford diesel to deliver products, it's $4.59/gal here. People say there is a fuel shortage. No wonder, it's more profitable to ship/export bio diesel overseas??? I bet we export more oil than we import...thats greed...and it's global. My next car will be electric or hydrogen.

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4 of 4

matthew-reardon-58767

August 14, 2008

hey you can't blame the company for trying to make a profit, especially when it is within the law. we have to change the policy in order to make a real difference. because of much lower subsidies for fuel in europe their diesel prices are considerable higher and i think this is a great thing. Before you complain about us shipping biodiesel out of the country to make profit lets remove the extensive oil/gasoline subsidies in the US to let the price per gallon rise to $5 or $6 per gallon and then we won't have to worry about anyone exporting US produced fuel as it will be more cost effective to keep it in the country.
at least this won't be as much of a problem with cellulosic ethanol because we were stupid enough to put all of our weight behind spark ignition engines rather than biodiesel capable diesel engines which get far better fuel mileage and burn cleaner (new models, not old ones)
in the end lets move away from gas and diesel entirely and switch to electric engines with range extending hydrogen fuel cells...it will happen in 20-50 years anyways so let's start now.

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