March 14, 2024
BY Erin Voegele
Tidewater Renewables Ltd. on March 14 announced that its 3,000-barrel-per-day renewable diesel facility in Prince George, British Columbia, is currently operating at near nameplate capacity. Work is also progressing on proposed plans to produce sustainable aviation fuel (SAF).
Tidewater CEO Jeremy Bains discussed both the plant’s current operations and plans for future SAF production during a fourth quarter earnings call, held March 14.
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The company commenced commercial operations at its renewable diesel and renewable hydrogen (HDRD) complex during the final quarter of last year. The facility reached its design capacity in early December before encountering some initial operating challenges. The most significant of these challenges was related to compressor failures, which the company said it has since resolved.
According to Tidewater, the HDRD complex returned to designed production capacity in late February. Bains confirmed that the plant has been operating at designed capacity for nearly a month.
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Production during the fourth quarter averaged 1,700 barrels per day, equating to approximately 57% nameplate capacity. Utilization is expected to be approximately 65% for the first quarter of 2024. For the full year, Tidewater Chief Financial Officer Ray Kwan said production is expected to average 2,400 to 2,600 barrels per day, equating to 80-87% capacity utilization.
Although Tidewater’s HDRD facility only recently began commercial operations, the company is already pursuing the development of a new 6,500 barrel per day renewable diesel and SAF project. Bains said work on front end engineering design (FEED) is progressing this year. FEED and regulatory applications are expected to be complete in 2025. Bains also said significant work is underway on the commercial aspects of the proposed project, noting there is initial strong interest in offtake arrangements with major airlines.
Tidewater reported adjusted EBITDA of $10.7 million for the fourth quarter of 2023 and a net loss attributable to shareholders of $12.7 million, inclusive of a $19.6 million loss of derivative contracts.
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