Carnarvon Petroleum creates JV with Frontier Impact Group for Australian biofuels

In Australia, Carnarvon Petroleum Limited has formed a joint venture with Frontier Impact Group who has been actively progressing a biorefinery business in Western Australia to produce renewable diesel and other highly valuable products. The joint venture plans to use internationally proven technology to process waste lignocellulosic biomass as feedstock and produce renewable diesel, high-quality biochar and wood vinegar. The local implementation of this technology will be an Australian first. Much of the high-quality biochar could be processed further into high-quality graphene. Graphene has many next-generation applications such as electronics, batteries and material composites. Each party will own 50 per cent equity in the joint venture, with Carnarvon set to invest AU$2.6 million in seed capital to enable the first project to reach financial close, which is expected by early 2022.