Tidewater Renewables Ltd. released fourth quarter financial results on March 27, reporting that its biorefinery in Prince George, British Columbia, operated at 88% capacity last year. A final investment decision on the company’s proposed sustainable aviation fuel (SAF) project is expected by year end. 

Tidewater began commercial operations at its renewable diesel and renewable hydrogen (HDRD) complex during the final quarter of 2023. The HDRD complex achieved a daily throughput of 2,677 barrels per day during the fourth quarter of 2024, representing a utilization rate of 89%, up from 1,700 barrels per day, or 57%, during the same period of 2023.

For the full year 2024, Tidewater reported that significant improvements in throughput and reliability at the HDRD complex allowed the facility to achieve an average daily throughput of 2,643 barrels per day, equating to a utilization rate of 88%. The biorefinery has produced and sold more than 170 million liters (44.91 million gallons) of renewable diesel into the local British Columbia market since the facility began operations in November 2023. 

Tidewater has proposed to develop 6,500 barrels per day of SAF capacity at the Prince George biorefinery. The company said it has continued to make meaningful progress on the front-end engineering design work for the proposed SAF project and expects to make a final investment decision during the second half of 2025.

Tidewater reported a fourth quarter net loss of $3.4 million, compared to a net loss of $12.7 million during the same period of 2023. Adjusted EBITDA was $6 million, down 44% when compared to the fourth quarter of 2023.

For the full year 2024, Tidewater reported a net loss of $357.8 million, compared to a net loss of $41 million for 2023. Adjusted EBITDA was $74.5 million, up 62% when compared to the previous year. 

During a fourth quarter earnings call, company officials discussed policy changes and company actions that aim to improve the Canadian market for renewable diesel. Tidewater, in late 2024 filed a countervailing (anti-subsidy) and anti-dumping duty complaint with the Canada Boarder Services Agency. The complaint alleged that unfairly traded imports of renewable diesel from the U.S. were significantly undermining the Canadian industry. In response to that complaint, CBSA on March 6 announced it is initiating investigations into alleged dumping and subsidizing of renewable diesel from the U.S. 

Tidewater has also spoken out in support of action taken by the government of British Columbia earlier this year to update the law governing its Low Carbon Fuels Standard. The updates will require eligible renewable fuels to be produced in Canada and boost the renewable content requirements for diesel. 

The week after Tidewater issued its fourth quarter earnings release, the company announced that a minor fire occurred at the HDRD complex on April 1. According to a statement released by Tidewater, no injuries were reported and the incident appeared to cause a low level of damage. No additional information has yet been released.