Tidewater Renewables completes IPO, starts coprocessing renewable diesel in British Columbia
Canadian renewable diesel project developer Tidewater Renewables Ltd. has completed its initial public offering (IPO) of 10 million common shares at CAN$15 (USD$11.85) per share for total gross proceeds of CAN$150 million (USD$118.5 million). The stock trades on the Toronto Stock Exchange under the symbol “LCFS.”
The IPO money was used to help fund a CAN$180 million (USD$142.2 million) cash component of the purchase price for assets it acquired from its majority owner, Tidewater Midstream and Infrastructure Ltd. The assets include:
Existing logistics (loading, unloading and rail assets for feedstock coming in and renewable fuels going out at the Prince George Refinery in British Columbia, Canada)
Processing activities (existing processing capacity and hydrogen production required for the coprocessing projects in Prince George)
Storage (tankage for storage and blending for renewable diesel at the Prince George Refinery and storage reservoirs for renewable natural gas located at the Brazeau River Complex)
And utilities that will facilitate the operation of the renewable fuels growth projects as they come on line
The company also reported that its canola coprocessing project in Prince George is up and running ahead of schedule after a successful commissioning and start-up. By mid- to late September Tidewater expects coprocessing to ramp up to its 300 barrel per day (4.6 mgy) nameplate capacity.
In addition, Tidewater Renewables has made a final investment decision to move forward on its 3,000 barrel per day (46 million gallons per year) renewable diesel and renewable hydrogen complex in Prince George, which the company expects to come online in the first quarter of 2023. The company announced in April it has chosen Haldor Topsoe as the technology provider for its standalone renewable diesel project at the Prince George Refinery.