XCF Global to buy Paramount renewable fuels facility
Located less than 20 miles south of downtown Los Angeles, the Paramount facility builds on the site’s long history in fuel production and its transition to renewable fuels, bringing together established infrastructure, technical expertise and domestic agricultural waste to energy processing technology. The site is strategically located near Los Angeles International Airport (LAX), which is one of the world’s busiest and most strategically important aviation hubs, serving more than 76 million passengers annually. Its immense scale, global connectivity, and strategic importance position LAX at the forefront of the aviation industry’s transition toward sustainable aviation fuel (SAF). XCF intends to welcome the experienced team at Paramount following the closing of the acquisition, with plans to more than double the size of the team to restart operations over the next 9-12 months.
Paramount was the first U.S. refinery conversion from fossil fuels to renewable fuels and has a long and successful history of renewable fuel production. The facility has benefited from meaningful investment over its history, and XCF expects to invest ~$30 million during the restart period primarily in support of work-force training and operational readiness. XCF intends to capitalize on its strategic partnership with BGN to supply feedstock to New Rise Renewables Paramount as the operation relaunches and to offtake the sustainable fuels that the facility produces in support of the company’s aviation and transportation customers.
Category: Fuels
