Cielo Waste Solutions sells 238,000 gallons of renewable diesel in first major offtake deal

In Canada, Cielo Waste Solutions announced its first significant sale of renewable fuels with a purchase commitment for 900,000 liters (238,000 gallons) of renewable diesel at CAD$1.67/liter for an aggregate purchase price of CAD $1,500,000. The purchaser will also have an option to purchase another 600,000 liters (159,000gallons ) of renewable diesel at the same price of CAD $1.67/liter for a period of 6 months. This Purchased Fuel will be produced at the Company’s waste to renewable fuel facility located in Aldersyde, Alberta, anticipated to be produced over approximately the next three to five months. The Purchased Fuel will be held on-site in storage tanks until Cielo reduces the sulfur content down to less than 15 PPM by treating it with the proprietary process that is now being fabricated. Once the desulphurization process is completed, the treated renewable fuels will be shipped as directed by the Purchaser. Management believes that the premium price per litre being paid by the Purchaser confirms the Purchaser’s confidence in Cielo to deliver desulphurized renewable diesel, which commands a higher price than sulfured diesel and traditional Biodiesel.