Red Rock Biofuels Begins Search to Source Development Partner
HOUSTON–(BUSINESS WIRE)–Red Rock Biofuels LLC (the Company), a next-generation producer of low-carbon biofuels, today announced that it is working with GLC Advisors & Co. to source a development partner to finance the completion of its biofuels facility that will produce sustainable aviation fuel (SAF) and renewable diesel. The facility will be one of the first SAF plants in North America to produce drop-in fuels and is designed to produce approximately 20 million gallons per year of low-carbon intensity renewable biofuels.
As part of the process to source a development partner, the Company has parted ways with Terrance Kulesa and Jeffrey Manternach and put in place new management, a new engineering team and an independent committee of the board, each with deep expertise and experience in engineering, energy project construction and turnaround management. Specifically, the Company terminated its arrangements with companies affiliated with Kulesa and Manternach and transitioned to a best-in-class engineering, procurement and construction (EPC) team that includes: S&B Engineers and Constructors, Ltd.; Nexus Program Management Group, LLC, which will be evaluating startup and commissioning efforts, a world leading engineering construction company; and EthosEnergy, which is providing asset management services.
Chip Cummins, an Executive Director at RPA Advisors who began working with the Company in March 2021, is serving as the interim Chief Executive Officer. Mr. Cummins will work closely with the Company’s independent board and with GLC, S&B, Nexus, the world-class construction manager and Orrick, Herrington & Sutcliffe, as legal counsel, to find a development partner.
“I am honored to serve as interim CEO for Red Rock Biofuels and look forward to tackling the growing need for low-carbon, renewable jet and diesel fuels,” Cummins said. “The Company is uniquely positioned to deliver sustainable biofuel with attractive financials and a scalable model and I’m very focused on delivering upon that mission. I am confident that we have the right advisors to execute on our vision of being an early market entrant in the renewable biofuels space for the transportation and aviation industries.”
Going forward, the Company expects to be a significant contributor in the SAF Grand Challenge to reduce the costs, enhance the sustainability and expand the production of SAF, as the aviation industry seeks to reach its goal of net-zero emissions.
About Red Rock Biofuels
Red Rock Biofuels was founded in 2011 to tackle the escalating problem of catastrophic wildfire in the Western U.S. and the rapidly growing need for renewable, low-carbon jet and diesel fuels. Red Rock is building one of the world’s first commercial-scale cellulosic biorefineries in Lakeview, Oregon to convert woody biomass residue into SAF and cellulosic renewable diesel fuels.
Contacts
For Red Rock media inquiries, please contact media@redrockbio.com.
For development partner inquires, please contact GLC Advisors & Co.:
Michael Kizer
michael.kizer@glca.com
Abe Han
abe.han@glca.com
