Evolve to invest $600 million in HOBO Renewable Diesel’s 120 mgy project

Evolve Transition Infrastructure LP is investing $600 million in the construction of HOBO Renewable Diesel LLC’s initial project that is expected to produce more than 120 million gallons per year (mgy) of renewable diesel and sustainable aviation fuel (SAF). Evolve further stated that, provided certain conditions are met, such as HOBO securing a long-term strategic offtake agreement for its fuels, Evolve will exclusively fund the development and construction of HOBO’s future renewable diesel and SAF projects.

“We believe the initial and future HOBO projects are extremely attractive opportunities to execute on our previously announced business strategy shift to focus on the acquisition and development of infrastructure critical to the transition of energy supply to lower carbon sources,” said Chuck Ward, chief financial officer of Evolve.

While an exact location of the project isn’t disclosed, HOBO’s website states it is “located in the heart of the agricultural center of the country.” The company expects the 120 mgy plant to be in full production by the fourth quarter of 2023.

Several members of HOBO’s leadership crew are joining Evolve’s management team, including HOBO co-founder and CEO Randy Gibbs, who is becoming Evolve’s new CEO. For more information, click here.

“HOBO management is thrilled to collaborate with Evolve and Stonepeak in this exciting and differentiated renewable fuel production platform,” Gibbs said. “Our shared vision is to build multiple plants of similar design levering off of what we believe are strategic advantages when compared to our competitors.”