Castlerock Biofuels Secures $9M Investment from Nexus Development Capital

Nexus Development Capital, LLC (NDC), a prominent investment firm focused on catalytic capital for low-carbon infrastructure projects, is excited to reveal an investment of around $9 million in Castlerock Biofuels LLC (Castlerock Biofuels). This joint venture, spearheaded by Ensyn Corporation (Ensyn) and Castlerock Green Energy LLC (CGE), represents a significant advancement in the establishment of renewable fuel production facilities across the United States.

Castlerock Biofuels is focused on advancing renewable fuel oil production, with its flagship initiative based in the Katahdin region of Maine. This project aims to generate 20 million gallons of RFO® renewable fuel oil each year, leveraging Ensyn's proprietary RTP® technology. Upon completion, it will be the largest global facility for producing renewable fuel oil through the pyrolysis of wood feedstock. The RFO® renewable fuel oil produced will be utilized for heating and cooling facilities in the Northeast, with construction anticipated to begin within the next 12 months.

Ensyn's RFO renewable fuel oil has demonstrated a reduction in lifecycle greenhouse gas emissions of up to 85%. It is primarily used in traditional refineries for co-processing to create renewable transportation fuels and as a renewable heating fuel to replace conventional fossil-based heating oil. Castlerock Biofuels assists colleges, universities, district energy plants, and industrial facilities in economically achieving their sustainability objectives.

The investment from NDC will support the development of this project and enable the expansion of further renewable energy initiatives. Plans are also underway for future projects in Washington and Minnesota.

Key highlights include a significant capital commitment from NDC, which is providing substantial financial support to speed up the development of renewable fuel production facilities. Ensyn's cutting-edge technology will be employed to produce 20 million gallons of renewable fuel oil annually at Castlerock Biofuels' initial project, furthering progress toward a more sustainable energy landscape. Additionally, the flagship project in the Katahdin region of Maine is positioned to set a precedent for future renewable energy developments.

Joshua Kaufman, CEO and Co-founder of NDC, remarked, "We are excited to collaborate with Castlerock Biofuels and support their efforts in creating sustainable energy solutions. This investment reflects our dedication to advancing the development of sustainable infrastructure."

John Murphy, Managing Director of Castlerock Biofuels, said, "The investment from NDC represents a major milestone for our company. It not only advances the development of our flagship project in Maine but also sets the stage for future initiatives that will foster a greener and more sustainable future."

Robert Pirraglia, President of Ensyn, stated, "We are pleased to welcome NDC as a key new partner in Castlerock Biofuels, alongside Castlerock Green Energy, to expand our production capacity in the U.S. We eagerly anticipate collaborating with our partners as we progress with our projects in Maine and other locations across the country."