Braya Renewable Fuels Marks the Beginning of Commercial Operations

Braya Renewable Fuels (Braya) has reached a significant milestone with the initiation of commercial operations at its Come By Chance facility situated in Newfoundland and Labrador, Canada. This achievement signifies the successful culmination of the company's refinery conversion project, marking the commencement of the provision of reliable renewable fuel to drive the ongoing energy transition.

Todd O'Malley, the Chief Executive Officer of Braya, expressed gratitude for the collective effort and commitment of the Braya team that contributed to the realization of commercial operations at the refinery. O'Malley emphasized the company's pride in serving as a cornerstone in the path toward energy transition and its commitment to providing stable, long-term employment opportunities within the local community.

Braya envisions an initial production capacity of 18,000 barrels per day for renewable diesel, with future plans to expand production capabilities. The company aims to diversify its offerings by incorporating sustainable aviation fuel production and exploring the production of green hydrogen. By undertaking on-site production of renewable diesel, sustainable aviation fuel, and green hydrogen, Braya aims to present viable alternatives to fossil fuels, thereby significantly reducing carbon emissions associated with challenging-to-abate sectors such as heavy-duty transport, aviation, and heavy industry.

The journey to this achievement saw Cresta Fund Management (Cresta), a private equity firm based in Dallas, acquire a controlling interest in the formerly dormant petroleum refinery in November 2021. Through the refinery conversion project, Cresta successfully revitalized a crucial asset for the local community in Newfoundland and Labrador. The conversion project not only breathed new life into the facility but also played a vital role in the economic landscape, supporting over 800 jobs during the construction phase and now providing stable, full-time employment for 200 individuals to sustain ongoing operations.

Chris Rozzell, Braya's Chairman of the Board and Managing Partner at Cresta, expressed enthusiasm for Braya's initiation of commercial operations. He acknowledged the tremendous effort and specialized expertise demonstrated by the team in successfully navigating the complexities of the conversion project. Rozzell highlighted the pivotal role that Braya is set to play in the energy transition, contributing to a low-carbon economy and generating long-term value for investors and stakeholders alike.

Braya Renewable Fuels' achievement of commercial operations at the Come By Chance facility stands as a testament to dedication, innovation, and strategic collaboration. This milestone not only signifies the successful transformation of a once-idled refinery but also positions Braya as a key player in driving the shift toward sustainable energy solutions, thereby creating lasting positive impacts on the local community and the broader energy landscape.