World Energy, which is headquartered in Boston, Massachusetts, U.S.A., announced that it will invest USD350 million over the next two years to complete the conversion of its Paramount, California, U.S.A., facility into one of the cleanest fuel refineries in the world.
The project will enable World Energy Paramount to process 306 million gallons annually. The conversion to renewable jet fuel, diesel fuel, gasoline, and propane will reduce both refinery and fuel emissions while supporting more than 100 advanced, green economy jobs, the company said.
“This facility is a direct and tangible result of environmental policies passed by the California State Legislature,” said World Energy Paramount Chief Executive Officer Gene Gebolys.
“This project will transform the Paramount facility into California’s most important hub for the production and blending of advanced renewable fuels,” said Bryan Sherbacow, the chief commercial officer of World Energy. “This investment will better enable us to deliver much needed low-carbon solutions to our customers. Importantly, with 150 million gallons of annual renewable jet production capacity, World Energy will be able to help the commercial aviation industry combat its greenhouse gas emissions.”
World Energy is one of the largest and longest-serving advanced biofuel suppliers in North America. Founded in 1998, the company operates biodiesel manufacturing plants in Houston, Texas; Natchez, Mississippi; Rome, Georgia; Harrisburg, Pennsylvania; and, Hamilton, Ontario, Canada; a renewable diesel refinery in Paramount, California, and distribution hubs throughout the U.S.A. and Canada.