Nuseed and bp in 10-year strategic agreement
Nuseed and BP Products North America Inc., have entered into a long-term strategic offtake and market development agreement, that will see bp, or its affiliates, purchase Nuseed Carinata oil to process or sell into growing markets for the production of sustainable biofuels. Nuseed Carinata is a non-food cover crop that can be used to produce low-carbon biofuel feedstock that is independently certified, sustainable and scalable. Increased global demand for biofuels is being driven by the need to access sustainable sources of energy to help achieve global greenhouse gas (GHG) reduction targets.
“Sustainable biofuels have a vital role to play in decarbonizing transport, said Carol Howle, executive vice president, trading & shipping at bp. By working with Nuseed, we can use their sustainable feedstock to help decarbonize challenging transportation sectors such as aviation, supporting the production of sustainable aviation fuel (SAF) and other biofuels.”
Nuseed Group Executive Brent Zacharias said, “Nuseed Carinata is a proven, drop-in solution for biofuel processors that’s ready to scale globally on existing farmland between main food crops. Nuseed Carinata demonstrates how agriculture and energy companies can work together to meet demand for biofuels that lower lifecycle carbon emissions. This agreement enables us to accelerate the expansion of Carinata production to increase biofuel feedstock sustainably, while supporting higher economic returns on Nuseed’s investment in the Carinata platform.”
The agreement is for an initial 10-year term and will see Nuseed continue to develop and expand its existing network of growers, channel and supply chain partners to deliver Carinata oil to bp or its affiliates, with key steps of crop production independently audited and certified. The Carinata oil will be processed by bp or affiliates through its bio refining footprint and also sold into growing markets for the production of sustainable biofuels, utilizing the global reach of bp’s Trading and Shipping (T&S) team to accelerate market adoption of Nuseed Carinata as a sustainable biofuel feedstock.
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