Strategic Biofuels and Sumitomo Corporation of Americas Announce Major Investment Commitment [Yahoo! Finance]
SUMITOMO CORP S/ADR (SSUMY)
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Source: Yahoo! Finance
COLUMBIA , La. and NEW YORK Feb. 7, 2024 /PRNewswire/ -- Strategic Biofuels , the leader in developing deeply negative carbon footprint renewable fuel plants, and Sumitomo Corporation of Americas (SCOA), a subsidiary of Sumitomo Corporation, a leading Fortune 500 global trading and business investment company dedicated to sustainability, announced today that they have entered into a Joint Development Agreement for the Louisiana Green Fuels (LGF) project at the Port of Columbia in Caldwell Parish , Louisiana. SCOA will take an anchor position and lead the formation of a Japanese-based investment consortium aimed at funding the majority of development capital needed to carry the project to Financial Investment Decision (FID) and commencement of construction in early 2025. As part of the agreement, SCOA will also acquire rights at FID to participate for a portion of the full project equity requirement. In a decisive strategic shift related to the investment, Strategic Biofuels also un
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