Darling Ingredients Inc. and Valero Energy Corporation announced that the companies have made the final investment decision on a Sustainable Aviation Fuel project at the Diamond Green Diesel Port Arthur plant, which is owned and operated by Diamond Green Diesel Holdings LLC, a 50/50 joint venture between Valero and Darling.
Upon completion of the project, which is expected in 2025, the DGD Port Arthur plant will have the capability to upgrade approximately 50 percent of its current 470 million gallon annual production capacity to SAF. The project’s estimated cost is approximately $315 million, with half of that attributable to Darling Ingredients. With the completion of this project, DGD is expected to be one of the largest SAF manufacturers in the world.
“As one of the largest and most-successful producers of renewable diesel for nearly a decade, it’s exciting to enter the next phase of our growth in the aviation market,” said Chairman and CEO Randall C. Stuewe. “Darling Ingredients’ global supply chain of waste fats and oils, combined with our partner’s operational and technical expertise, position us as a leader in decarbonization solutions.”
Darling Ingredients Inc is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates more than 270 facilities in 17 countries and repurposes approximately 15% of the world’s meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals, and pet food ingredients.
The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company’s filings with the Securities and Exchange Commission.
SOURCE: PRNewswire