NEW YORK — Cargill and Love's Family of Companies announced Tuesday, April 20, they have entered into a joint venture to produce and market renewable diesel in the United States.
The companies will construct a new production plant in Hastings, Neb., that will produce about 80 million gallons annually of renewable diesel, a cleaner fuel which can be made from natural fats, vegetable oils and greases that can power vehicles with diesel engines.
A growing number of companies, including oil refiners, have announced investments in renewable diesel over the last year. Companies can earn credits from producing the fuel through state and federal clean fuel incentive programs.
As part of the joint venture, Cargill, based in Minnesota, will provide tallow as a feedstock. Once the fuel is produced, Musket, the commodity trading and logistics arm for Oklahoma City-based Love's, will transport and market the product.
The venture, called Heartwell Renewables, will employ at least 50 full-time positions in Hastings, the announcement said. The plant is due to start operating in spring of 2023.
"The Heartwell Renewables facility presents an exciting combination of agriculture and renewable energy that will create new jobs and continue to grow our state's economy," said Nebraska Gov. Pete Ricketts in the announcement. (Reporting by Stephanie Kelly. Editing by Mark Potter)