RENEWABLE DIESEL PLANT WITH POTENTIAL TO SAVE 880 MILLION POUNDS OF CARBON EMISSIONS PER YEAR STARTS OPERATIONS IN RENO
New Rise Renewables Reno deploys breakthrough technology to turn renewable feedstock into clean-burning diesel; Project funded by USDA guaranteed loans arranged by Greater Commercial Lending
RENO, Nev., August 10, 2022 /PRNewswire/ — One of the nation’s most advanced renewable fuels plants will officially begin operations at the Tahoe-Reno Industrial Hub in Floors County, Nevada. New Rise Renewables Reno will produce 44 million gallons per year of renewable diesel made from triglyceride oils from sources such as corn.
The renewable diesel produced by New Rise Renewables Reno is completely interchangeable with petroleum-derived diesel and can efficiently power diesel engines, such as tractor-trailers and large-scale standby generators. The fuel burns with clean emissions. Phillips 66 is under contract to supply all raw materials for New Rise Renewables Reno and will purchase 100% of the renewable diesel product for use and sale nearby in Californiaaccording to New Rise Renewables Reno, which is owned by Nevada-based RESC Renewables Holdings.
Nevada Governor’s Representatives Steve Sisolakcongressman from nevada Marc Amodei and senators from Nevada Catherine Cortez Masto and Jacky Rosen opened the facility at an on-site event today with floor county officials.
“New Rise Renewables and its proven technology represent the future. Renewable diesel is becoming the renewable fuel of choice as the world begins to move away from fossil fuels. Notably, unlike ethanol or biodiesel, renewable diesel is not and is not mixed with petroleum products to perform,” said Jeremy Gilpin executive vice president of Reno-based More business loans (GCL), which facilitated $112.6 million in government guaranteed credit for the development of New Rise Renewables Reno.
“GCL is proud to have helped put together the loan program that made New Rise Renewables Reno possible. It is one of the few significant renewable diesel plants in the United States, although there are certainly more on the way. A notable fact about the installation is that once it is fully operational, it will require minimal external power. It will use its own internal energy recovery system to power renewable diesel generation,” Gilpin added.
Eighty percent of GCL-arranged funding for New Rise Renewables Reno is secured by the United States Department of Agriculture (USDA) through its Biorefinery, Renewable Chemicals, and Production Manufacturing Assistance Program. of biodiesel 9003. The financing structure includes the participation of the parent company of GCL Bigger Nevada Credit Unionother credit unions, insurance companies and aftermarket groups.
Said Randy Soulemanager of the New Rise Renewables Reno facility, “USDA-secured financing was what made the project possible. The favorable and flexible terms of the government-backed loan program were key. With flexible financing, the finances may not have worked, and our team would not have been able to maintain full oversight and control.”
“Congratulations to New Rise Renewables Reno, and thank you to the Greater Nevada Credit Union for supporting quality industries in Nevada“said the congressman from Nevada Marc Amodei.
United States Senator from Nevada Catherine Cortez Masto added,”Northern Nevada clean energy companies are helping us fight the climate crisis while fueling our economy and creating well-paying jobs for Nevadans. Companies like New Rise Renewables are proof of what’s possible with government-backed loans and when we all come together at the federal, state and local levels to drive innovation and growth. I am proud to see this facility come online and will continue to work to support our clean energy economy throughout Nevada. »
“Nevada is a leader in clean energy, and I am proud to continue to fight to create more well-paying clean energy jobs in our state,” said the US senator from Nevada. Jacky Rosen. “Renewable diesel plants like New Rise Renewables will help create jobs while helping our country move toward a cleaner energy future. I am grateful to the United States Department of Agriculture for helping clean energy companies like this here in our state.”
The New Rise Renewables Reno plant, which was developed by retrofitting an existing fuel plant, is expected to save nearly 880 million pounds of carbon emissions, the equivalent of removing 88,000 vehicles from the roads. The primary plant is complete and a pretreatment and energy recovery system, designed to increase production and operational efficiency, will be fully operational in early 2023. The facility uses the most advanced renewable diesel technology in United States.
Renewable diesel is made by causing chemical reactions by adding hydrogen to natural fats and oils. New Rise has deployed state-of-the-art, proven, efficient and cost-effective technological methods of hydrogenating triglycerides. The process uses hydrogen, pressure, catalyst, and heat efficiently, resulting in uniform and controlled reactions, increasing yield, reducing operating costs, and allowing flexibility power load.
The fuel plant is located in the Tahoe-Reno Industrial Center, the largest industrial park in the world. Other occupants include Tesla, Walmart, Google, FedEx, Switch and Panasonic.
About Enhanced Commercial Loans
More business loans (GCL) is a lending organization that brings together credit unions and community lenders from across the United States to provide government-backed loans to businesses and initiatives in rural and underserved markets across the United States and its territories. It helps fund key infrastructure services, such as electricity, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the United States Small Business Administration (SBA) and the United States Department of Agriculture (USDA), which guarantee the loans, to arrange credit on favorable terms. GCL is an affiliate of the Greater Nevada Credit Union (GNCU).
About Greater Nevada Credit Union
Bigger Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and helping the people of Nevada meet their financial needs since 1949. The credit union serves more than 82,200 consumers and small businesses and has more than $1.73 billion in assets. Subsidiaries of GNCU include Greater Nevada Mortgage, More commercial loans and Greater Nevada Insurance. GNCU is a Certified Community Development Financial Institution (CDFI) and has been consistently recognized as the Best Financial Institution in many of its service areas and as a Top Employer by the Reno/Tahoe Best Places to Work Awards and is the USDA Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.
Michael Jon Romano
SOURCE More Commercial Loans