NEW YORK--(BUSINESS WIRE)--Oct 5, 2023--
SGP BioEnergy (“SGP”) announces a $250 million equity commitment from Global Emerging Markets (GEM), a European private alternative investment group, to support the development of the Golden City Biorefinery in Colon, Panama and lay the groundwork for SGP’s transformative Zero-Waste Ecosystem.
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Pictured (left to right): Thomas Elzinga, Randy Delbert Letang, Christopher Brown, Mariano Rivera, Nicolas Barquin (Photo: Business Wire)
The Golden City Biorefinery: A Global Beacon
The Golden City Biorefinery is poised to become one of the largest advanced biorefineries on the planet and will revolutionize development in the advanced biofuels sector. Situated at the Panama Canal, the biorefinery will produce up to 180,000 barrels daily and generate up to 405,000 metric tons of green hydrogen annually - with immediate access to more than 1,900 international ports.
As a part of SGP’s Zero-Waste Ecosystem platform, the Golden City Biorefinery project aims to achieve all 17 United Nations Sustainable Development Goals (SDGs). SGP's forward-thinking model combines Profit, Access, and Impact for All, laying a robust foundation for global biofuel ecosystems.
GEM's Commitment
GEM’s US$250 M equity commitment can be drawn upon following SGP’s public listing. Randy Delbert Letang, CEO of SGP BioEnergy, stated emphatically, "Securing this commitment of equity of this scale is one of many financing milestones necessary to accelerate our journey towards meeting the policy pledges of the United Nations by delivering on the implementation necessary to meet these mandates." In addition to its equity commitment to SGP, GEM is actively focused on identifying and funding potential synergistic partners who can support the development of the biorefinery.
A Movement for Economic, Social, and Peaceful Impact
The Golden City Biorefinery is more than just an industrial project – it is a project that embodies the essence of a Culture of Peace and is set to create over 3 million living-wage jobs. The Refinery aligns economic impact with industrial growth, promotes environmental sustainability, and supports peaceful coexistence with nature and nations. "This project will have a resounding impact, not just in Panama, but globally," emphasized Mariano Rivera, Equity Investor and Hall of Fame New York Yankees Pitcher.
A Landmark Agreement between SGP and Latino Farmers and Ranchers International (LFRI)
Today’s announcement follows on the heels of SGP and the Latino Farmers and Ranchers International organization (LFRI) signing of a groundbreaking definitive agreement during the 78 th session of the United Nations General Assembly where SGP and LFRI committed to developing a minimum of 10 million acres of industrial hemp for SGP’s biorefinery and biomanufacturing efforts. Latinos Farmers and Ranchers International (LFRI) represents Latino farmers, ranchers, and producers throughout the US and manages over 32 million acres of production.
Project Timeline
Facility development is on schedule for Phase 1 production to begin in early 2027. Once fully operational, the biorefinery will produce up to 180,000 barrels per day (2.6 billion gallons per year) of advanced biofuel, mostly Sustainable Aviation Fuel (SAF), and up to 405,000 metric tons of green hydrogen annually.
About SGP BioEnergy
SGP BioEnergy is a bioenergy development pioneer on a mission to revolutionize how the world consumes energy sustainably. Founded by bioenergy pioneer Randy Delbert Letang, SGP BioEnergy, is a New York-based, integrated bioenergy products development company that has a plan to power the world with low carbon emitting fuels, energy and products for the next 100 years through an intelligent and integrated system. Unfettered by ties to the traditional oil sector, we've assembled a powerhouse network of partners across agriculture, finance, manufacturing, and technology. We're not just imagining a cleaner future — we're making it happen for a growing roster of forward-thinking clients committed to sustainability.
But our vision goes beyond biofuels, energy and products. We're committed to achieving all 17 United Nations' Sustainable Development Goals. That's why we've designed our flagship Golden City Biorefinery project as a part of our Zero-Waste Ecosystem strategy with five pivotal Impact Pillars: Industrial Innovation, Economic Empowerment, Humanitarian Impact, Accountability, and Shared Ownership. Each pillar rigorously adheres to the highest ESG standards, creating a cohesive platform that comprehensively addresses global sustainability targets.
For more information about SGP BioEnergy: www.SGPBioEnergy.com
For more information about the recent SGP & LFRI agreement: https://www.newswire.com/news/sgp-bioenergy-launches-its-ready-grow-feedstock-development-program-22131656
About GEM
Global Emerging Markets (“GEM”) is a Luxembourg-based, $3.4 billion private alternative investment group with offices in Paris, New York, and The Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 560 transactions in more than 70 countries.
For more information about Global Emerging Markets: http://www.gemny.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20231005721814/en/
CONTACT: Cristiano Vaughn, Director of Communications
cristiano@sgpbioenergy.com
KEYWORD: NEW YORK UNITED STATES PANAMA CENTRAL AMERICA NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE AGRICULTURE NATURAL RESOURCES ALTERNATIVE VEHICLES/FUELS HEMP ALTERNATIVE ENERGY AIR ENERGY CHEMICALS/PLASTICS TRANSPORT MANUFACTURING SUSTAINABILITY SOCIALLY RESPONSIBLE INVESTING ENVIRONMENT FINANCE ENVIRONMENTAL POLICY
SOURCE: Global Emerging Markets and SGP BioEnergy
Copyright Business Wire 2023.
PUB: 10/05/2023 02:28 PM/DISC: 10/05/2023 02:27 PM
http://www.businesswire.com/news/home/20231005721814/en
