Canadian biodiesel project developer signs feedstock supply, fuel offtake agreements
Xfuels Inc., developer of a biodiesel project in Alberta, Canada, says it has signed an oilseed supply and biodiesel offtake agreement with a company with which it shares an executive-team member, Infinity Petroleum Energy Resources Inc. Charles Iggulden, CEO of Infinity Energy, a 100 percent Indigenous-owned and operated company, also acts as president and chief operating officer of Xfuels.
“Part of the attraction for myself to join the Xfuels team was the possibility of Infinity working closely with Xfuels to help build both companies through mutual interests and goals,” Iggulden said, adding that Infinity Energy has a “completely separate shareholder base and management team.”
Michael McLaren, CEO of Xfuels, said, a contract between the two companies “only made sense, given the relationship.”
According to Xfuels, Infinity Energy has agreements in place for more than 5 million metric tons of canola supply and 42 million gallons of biodiesel and sustainable aviation fuel per year.
Xfuels announced its biodiesel production plans earlier this month.