Helsinki-based sustainable fuel provider Neste is to acquire Mahoney Environmental, a US-based collector and recycler of used cooking oil, and all its affiliated entities. The company says the transaction, which is still subject to regulatory approval, is part of its effort to construct a global waste and residue raw material platform which can keep up with the growing demand for renewable products.
Credit: Mahoney Environmental
“This is another important step for Neste in the execution of our growth strategy. With this acquisition we will gain access to a substantial volume of used cooking oil as well as a platform to grow our raw material supply chain in North America,” said Peter Vanacker, President and CEO of Neste.
Used cooking oil is one of more than 10 different types of feedstock that Neste can use to produce renewable diesel, sustainable aviation fuel and raw materials for renewable polymers. The main benefit of using an extensive raw material base is that it provides flexibility, enabling the company to respond to the needs of different markets and customers.
Mahoney collects used cooking oil from restaurants, hotels, sports stadiums and airports. The company pretreats the leftover oil, creating a reliable sustainable component that can be turned into renewable products.
“This is an important part of our growth strategy in North America,” said Jeremy Baines, President, Neste US, Inc. “In addition, we are building more commercial fuelling sites, expanding our storage and logistics footprint, and distributing sustainable aviation fuel.”
Neste is ranked as the world’s 3rd most sustainable company according to the Global 100 Index.
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