New Rise Renewables Reno to turn non-edible plant oil into renewable diesel that burns cleanly, with no carbon emissions; project funding provided by Nevada-based Greater Nevada Credit Union
Nevada has made a name for itself for manufacturing lithium-ion batteries and eclectic vehicle components – and now – add renewable diesel to the top of that list. One of only a handful of advanced renewable fuel plants built in the U.S. is launching operations at Tahoe Reno Industrial Center in Storey County, Nevada. New Rise Renewables Reno will produce 44 million gallons per year of renewable diesel made from triglyceride oils from sources such as corn. It is projected to save nearly 880 million pounds of carbon emissions, the equivalent of removing 88,000 vehicles from the roads.
Greater Nevada Credit Union, through its subsidiary Greater Commercial Lending (GCL), came together with representatives from Nevada Congressman Mark Amodei, Nevada Senators Catherine Cortez Masto and Jacky Rosen, Storey County and state economic development leaders, to mark New Rise’s efforts as a hub for renewable diesel in Nevada and the nation. From its plant outside Reno, Nevada, New Rise will produce diesel fuel that can efficiently power diesel engines for semi-trucks. The fuel burns with clean emissions.
Once fully operational in early 2023, the facility will require minimal external energy and will use its own internal energy recovery system to power the production of renewable diesel.
“New Rise Renewables Reno and its proven technology represent the future,” said Jeremy Gilpin, executive vice president of Reno-based GCL, which facilitated $112.6 million in government-guaranteed credit for the development of New Rise. “Renewable diesel is emerging as the renewable fuel of choice as the world begins to move away from fossil fuels. New Rise represents what Nevada is doing to facilitate the future for clean diesel and electric vehicles, and the ways and means of that future through emerging, innovative and clean technology.”
The New Rise plant was developed by retrofitting an existing fuel plant. The primary plant has been completed, and a pre-treatment and energy recovery system, designed to increase output and operational efficiency, are nearing completion. The company will create 55 full-time jobs at an average wage of $75,000 per year.
“Congratulations to New Rise Renewables Reno, and thanks to Greater Nevada Credit Union for supporting quality industries in Nevada,” said U.S. Representative Mark Amodei.
Eighty percent of the GCL-arranged financing for New Rise is guaranteed by the United States Department of Agriculture (USDA) via its 9003 Biorefinery, Renewable Chemical and Biodiesel Production Manufacturing Assistance Program. The financing structure includes participation by GCL parent GNCU, other credit unions, insurance companies and secondary market groups.
“The USDA-guaranteed financing was what enabled the project. The favorable, flexible terms of the government guaranteed loan package were essential,” said Randy Soule, owner of the New Rise facility. “Without flexible financing, the financials may not have worked out, and our team wouldn’t have been able to maintain complete oversight and control.”
Phillips 66 is under contract to supply all of the feedstock for the plant and will purchase 100% of the renewable diesel product for use and sale nearby in California, according to New Rise, which is owned by Nevada-based RESC Renewables Holdings.
“Northern Nevada’s clean energy companies are helping us combat the climate crisis while fueling our economy and creating good-paying jobs for Nevadans,” said Nevada U.S. Senator Catherine Cortez Masto. “Businesses like New Rise Renewables are proof of what’s possible when we all come together at a federal, state, and local level to foster innovation and growth. I’m proud to see this facility come online, and I’ll keep working to support our clean-energy economy throughout Nevada.”
“Nevada is a leader in clean energy, and I’m proud to continue fighting to bring more good-paying, clean energy jobs to our state,” said Nevada U.S. Senator Jacky Rosen. “Renewable diesel plants like New Rise Renewables will help create jobs while helping our country move towards a cleaner energy future. I’m thankful to the U.S. Department of Agriculture for helping clean energy companies like this one in our state.”
Renewable diesel is made by causing chemical reactions through the addition of hydrogen to the natural fats and oils. New Rise has deployed innovative, efficient and cost-effective technology methods, which involve hydrogenating the triglycerides. The process uses hydrogen, pressure, catalyst and heat in an efficient manner, allowing reactions to be uniform and controlled – increasing yield, lowering operating costs and allowing for feedstock flexibility.
The fuel plant is located in the Tahoe Reno Industrial Center, the largest industrial park in the world. Other occupants include Tesla, Walmart, Google, FedEx, Switch and Panasonic.
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