Neste Oil has secured EUR50m ($70.2m) funding from the Nordic Investment Bank (NIB) for research on extending the range of raw materials used for producing the company’s renewable diesel.
The loan will be used to fund existing Neste Oil’s R&D, that focuses primarily on nonfood materials and inputs that can help reduce the amount of land used for energy purposes and ensure a significant reduction in greenhouse gas emissions.
Neste senior vice president of oil technology and strategy Lars Peter Lindfors said the additional funding will secure the continuation of the company’s R&D work and the future development of its NExBTL renewable diesel technology.
The company’s NExBTL technology can make use of virtually any vegetable oil or animal fat to produce premium-quality renewable diesel.
NExBTL renewable diesel produced from all the raw materials currently used by the company offers over 50% lower greenhouse gas emissions compared to fossil diesel, which covers the product’s entire life cycle from raw material production to end-use, Neste Oil said.
