Chevron Corporation has announced it has invested through a subsidiary in a Texas-based company that is building one of the first large-scale biodiesel plants in the U.S. The facility will have the potential to produce 100 million gallons per year of clean-burning renewable fuel. Construction should be completed by the end of this year.
Chevron, through its subsidiary, Chevron Technology Ventures LLC (CTV), has taken an equity position in Galveston Bay Biodiesel LP (GBB). GBB will produce biodiesel from soybeans and other renewable feedstocks. The company has the option to sell pure biodiesel or biodiesel blended with off-road or on-road diesel into marine, commercial, trucking and industrial markets in the Galveston and Houston metropolitan areas.
GBB will have initial production of 20 million gallons per year. The facility will have the capability to expand operations to produce 100 million gallons of fuel per year.
CTV holds a 22 percent interest in GBB. Other investors are Contango Capital Biofuels Partners LP, Galveston Bay Biodiesel Management LLC, Sultex LLC, Mobius Risk Group LLC, and Beaver Creek Fund, Ltd.
Since 2000, Chevron Corporation through its various subsidiaries has invested more than $1 billion in renewable energy projects and in delivering energy efficiency solutions.