Horizon Power, FutureEnergy Australia sign biofuel MOU

Horizon Power is pleased to announce it has signed a non-binding memorandum of understanding with FutureEnergy Australia to investigate opportunities to establish a renewable diesel industry in regional Western Australia.

FutureEnergy Australia, an incorporated joint venture between WA based Carnarvon Energy and Frontier Impact Group, was formed to build and operate renewable fuel biorefineries in regional Western Australia.

The memorandum of understanding establishes a clear path forward for the two organizations to explore opportunities for the development and production of renewable diesel in Western Australia.

Horizon Power’s Chief Financial Officer, Mike Houlahan said the arrangement with FutureEnergy Australia provides the potential to accelerate decarbonization of regional power generation through renewable diesel while also supporting regional economic growth and job creation.

“We see renewable diesel as a future low emission fuel that can be used within our energy systems as an alternative to fossil fuel diesel or more expensive energy sources like battery energy storage systems,” Houlahan said.

Developing a local supply of zero emission renewable diesel has the potential to help reduce carbon emissions across a number of industries. The potential to also establish an industry in regional Western Australia will also create regional jobs and drive economic growth.

We look forward to working with FutureEnergy Australia to explore opportunities to support Western Australia’s emerging renewable diesel industry.

FutureEnergy Australia Chair and Carnarvon Energy Limited Managing Director Adrian Cook said that support from Horizon Power is a recognition of the tangibility of the renewable fuels business and highlights the significant demand for domestically produced renewable diesel.

“We are excited to work with Horizon Power to progress a strategic renewable diesel partnership. Horizon Power and Future Energy Australia share many core values in delivering better economic and carbon outcomes for regional Western Australians,” Cook said.