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.
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.