Federated Co-operatives Limited (FCL) has announced the acquisition of True North Renewable Fuel’s assets. The announcement follows FCL’s building a strategy of improving the environmental impact of their facilities and the transportation fuels they produce.
Scott Banda, chief executive officer of FCL says they are excited about the purchase of True North’s assets as it is another important step to a sustainable future.
“Our company is committed to implementing sustainable solutions that ensure our Co-op system remains competitive. Energy and transportation fuel sources are going to change, and this purchase demonstrates that we are positioning our Co-op to meet the challenges of the changes that lie ahead,” Banda explains.
After analysis of the work True North completed with regard to biofuel production, FCL felt that the acquisition of True North’s current assets would supplement the work FCL has already completed, and give the company a strategic and competitive advantage in the pursuit of sustainable solutions.
Douglas Cole, CEO of True North, is also pleased that FCL sees a promising future in biofuels and was willing to purchase the company’s assets.
“The idea of biofuel production is a concept I have been working on for four years, and it has truly become a passion project for me,” says Cole. “I am confident that FCL has the resources and operational knowledge to fully assess producing biofuel. In FCL, I believe we have found the right company to ensure the project comes to fruition. The concept is in good hands.”