Federated Co-operatives Limited (FCL) on April 9 announced that it has acquired the assets of True North Renewable Fuels, which was recently awarded a C$1 million grant from Regina, Sask., to study a proposed a biodiesel plant in the city. FCL said the purchase highlights its commitment to renewable fuels as a critical component of FCL’s strategy to address climate change.
“We are excited about the purchase of True North Renewable Fuels assets as it is another important step we have taken toward a sustainable future,” said Scott Banda, CEO of FCL. “Our company is committed to implementing sustainable solutions that ensure our co-op system remains competitive. Energy and transportation fuel sources are going to change, and this purchase demonstrates that we are positioning our co-op to meet the challenges of the changes that lie ahead.”
At a Regina City Council meeting last month, officials told council members that the proposed biodiesel plant would not be operational until 2025. Douglas Cole, CEO of True North, said the idea of biofuel production is a concept he has been working on for four years.
“I am confident that FCL has the resources and operational knowledge to fully assess producing biofuel,” Cole said. “In FCL, I believe we have found the right company to ensure the project comes to fruition. The concept is in good hands.”
FCL said the True North acquisition is one of several recent steps the company has taken to address the environmental impact of its facilities. These include FCL’s acquisition of the Terra Grain Fuels ethanol production facility in Belle Plaine, Sask., which FCL rebranded on April 1 as the Co-op Ethanol Complex. FCL also recently announced the addition of new electric vehicle charging stations in 12 communities across the Prairies. FCL also began a C$80 million turnaround on April 5 at its Co-op Refinery Complex in Regina.