ENG Provides Update on Sustainable Aviation Fuel and Renewable Diesel Production Plant Project

Rhea-AI Summary

ENG (NASDAQ:ENG) announced updates on its renewable diesel and sustainable aviation fuel plant project, originally revealed on February 22. Utilizing a modular execution strategy, the plant aims to produce approximately 100 million gallons per year from renewable feedstocks, benefiting clients with reduced timelines and costs. Completion is expected within 24 months of final investment decision (FID). This project builds upon ENG's experience from a previous similar project and has an anticipated scope exceeding $100 million.

Positive

• ENG's project aims to produce 100 million gallons of renewable fuel annually.
• The planned completion within 24 months of FID indicates swift execution.
• ENG leverages vendor relationships and past project learnings to enhance efficiency.
• The project's scope is expected to exceed $100 million, suggesting significant revenue potential.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / April 27, 2022 / ENG (NASDAQ:ENG), a leading provider of innovative, project delivery solutions for the energy industry, today commented on its previously announced project to design and build a renewable diesel and sustainable aviation fuel plant.

As first announced on February 22 this year, ENG will utilize its modular execution strategy combined with its standard 6500 bpd plant design and, along with its partners, provide engineering, procurement and construction services for a complete plant designed to produce approximately 100 million gallons of sustainable aviation and diesel fuel per year from renewable feed stocks. This combination benefits their client by reducing the time from final investment decision (FID) to first fuel production, reducing cost and increasing accuracy of design and procurement.

The project is currently scheduled to be completed within approximately 24 months from FID. Additionally, because this is the second US project of its type under execution by ENG, it will benefit from lessons learned from a similar project as well as by using the same vendors and construction partners.

This second US-based plant will utilize licensed process technology from Haldor Topsoe A/S, known as their "HydroFlex" and "Hydrogen Bridge" technologies, to produce fuels with a low carbon footprint. The plant represents an expansion of ENG's renewables project portfolio following its recent successful design, engineering, fabrication and delivery of a modular hydrogen facility valued in excess of $28 million.

Assuming the FID is made, ENG expects its scope on the current project to exceed $100 million.

"There is an ever-growing need for renewable aviation and diesel fuel in the US and we are very excited to be part of this project, which represents another major contribution to this market," said Roger Westerlind, President of ENG.

"We look forward to providing additional details on this project in the near future."

About ENG

ENG (NASDAQ:ENG) is a leading provider of complete project solutions for renewable and traditional energy throughout the United States and internationally. ENG operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems as a complete packaged solution for its clients. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.englobal.com.

Safe Harbor for Forward-Looking Statements

The statements above regarding the Company's expectations, including those relating to its future results, its operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENG's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.

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CONTACT:

Market Makers - Investor Relations
Jimmy Caplan
512-329-9505
Email: jimmycaplan@me.com

Market Makers - Media Relations
Rick Eisenberg
212-496-6828
Email: eiscom@msn.com

SOURCE: ENGlobal

View source version on accesswire.com:
https://www.accesswire.com/698948/ENG-Provides-Update-on-Sustainable-Aviation-Fuel-and-Renewable-Diesel-Production-Plant-Project

FAQ

What is ENG's sustainable aviation fuel project about?

ENG's project aims to design and build a plant that will produce 100 million gallons of renewable aviation and diesel fuel per year.

When was ENG's renewable diesel plant project announced?

The project was first announced on February 22, 2022.

What is the expected timeline for the ENG renewable fuel project?

The project is scheduled to be completed within approximately 24 months from the final investment decision.

How much is ENG's project expected to cost?

ENG expects the scope of the current project to exceed $100 million.

What technologies will be used in ENG's renewable fuel plant?

The plant will utilize licensed process technology from Haldor Topsoe A/S, specifically their 'HydroFlex' and 'Hydrogen Bridge' technologies.