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NEXT Renewable Fuels to become NXTCLEAN Fuels

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Hydrocarbon Engineering,


NEXT Renewable Fuels, Inc., a next-generation fuels company dedicated to sustainably producing clean, low-carbon fuels from organic feedstock, and Industrial Tech Acquisitions II, Inc., a special purpose acquisition company, have announced the signing of a business combination agreement expected to result in a newly-combined company to be known as NXTCLEAN Fuels, Inc. The boards of directors of each company have each approved the transaction.

“West Coast states are demanding a clean fuels conversion of the transportation and aviation industries with aggressive targets necessitating rapid increases in clean fuel supplies,” commented Christopher Efird, Chief Executive Officer and Executive Chairman of NEXT Renewable Fuels. “NEXT Renewable Fuels is advancing toward becoming one of the largest US-based suppliers of clean fuels for these markets and is investigating and pursuing potential vertical expansion into other clean fuels.”

Industrial Tech Acquisitions II, Inc. raised gross proceeds of approximately US$172.5 million in its initial public offering. Its stock is traded on the Nasdaq Global Market. Industrial Tech Acquisitions II, Inc.’s objective is to identify and consummate an initial business combination with a target that can benefit from the investment, operating, and innovating experience of Industrial Tech Acquisitions II, Inc.’s management team and sponsor.

Scott Crist, Chief Executive Officer and Chairman of ITAQ, stated: “Renewable diesel and sustainable aviation fuel are the most desired liquid fuels in the world, and there is an urgent global need for more. NEXT Renewable Fuels has a multi-prong business plan and is developing a strategically positioned facility along the Columbia River in Oregon.”

Investment highlights:

  • A next-generation fuels company dedicated to sustainably producing clean, low-carbon fuels.
  • NEXT Renewable Fuels’ strategic growth platform allows access to high-growth clean fuels market, leveraging advantages from the renewable diesel and sustainable aviation fuel (SAF) business to access multiple complementary markets, including renewable natural gas.
  • Management team has spent six years in Oregon, US, developing deep roots and strong relationships, and has secured necessary support for the first facility, having access to more than 600 acres in and around multi-modal industrial complex at Port Westward, Oregon.
  • NEXT Renewable Fuels has received the majority of its key permits and expects to begin construction upon completion of an Environmental Impact Statement (EIS) currently underway with the US Army Corp of Engineers.
  • Management has strategic relationships that have led to strong feedstock and product offtake agreements, including with companies such as BP and Shell, that NEXT Renewable Fuels believes it will lead the way to financial stability while paving the path to growth opportunities in other decarbonisation-centric markets.
  • United Airlines Ventures, a subsidiary of United Airlines Holdings, Inc., entered into a strategic investment agreement with NEXT Renewable Fuels pursuant to which it invested in NEXT Renewable Fuels and could continue to invest as much as US$37.5 million, as long as NEXT Renewable Fuels meets certain milestones.
  • Clear pathway to profitability upon commencement of renewable diesel/SAF production, which is projected for 2026; the company expects to be EBITDA positive in its first full year of production.
  • NEXT Renewable Fuels will be the first of its kind public investment opportunity in a large-scale, pure-play combined renewable diesel/SAF production facility serving a large, essential and well-established market.
  • Led by a seasoned management team, representing more than 100 years of combined experience in finance, refining, chemical manufacturing, renewable fuels, real estate, and industrial project development.

Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/22112022/next-renewable-fuels-to-become-nxtclean-fuels/

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