Tidewater Renewables sells Canadian clean fuel credits

In Canada, Tidewater Renewables Ltd. has sold Federal Clean Fuel Regulation credits that it will receive through the production and sale of fuel produced at the Renewable Diesel & Renewable Hydrogen Complex at Prince George, BC.

As part of the CFR Sale, Tidewater Renewables has agreed to sell a total of 25,000 CFR credits at C$100 per credit. This agreement adds previously unrecognized value for CFR credits and Tidewater Renewables will receive total proceeds of C$2.5 million over the term of this agreement. The Corporation’s current Run Rate EBITDA estimates for the Complex of $90 – 100 million exclude the impact of the outlined forward sale and any value for the ongoing sale of CFR credits once the program is implemented.