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Tidewater Renewables Completes Initial Public Offering, Announces Positive FID on the Renewable Diesel and Renewable Hydrogen Complex, and Successful Start-up of the Canola Co-Processing Project
Tidewater Renewables Completes Initial Public Offering, Announces Positive FID on the Ren...
About this update from Tidewater Renewables Ltd.
[{"type":"text","content":"\n \n \n \n Tidewater Renewables Completes Initial Public Offering, Announces Positive FID on the Renewable Diesel and Renewable Hydrogen Complex, and Successful Start-up of the Canola Co-Processing Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n CALGARY, AB\n \n ,\n \n Aug. 18, 2021\n \n /CNW/ - Tidewater Renewables Ltd. (\"\n \n Tidewater Renewables\n \n \" or the \"\n \n Company\n \n \") (TSX: LCFS), a multi-faceted, ‎energy transition company, is pleased to announce it has completed its initial public offering (the ‎‎\"\n \n Offering\n \n \") of 10,000,000 common shares (\"\n \n Common Shares\n \n \") at a price of\n \n C$15.00\n \n per Common Share, for total gross ‎proceeds of\n \n C$150,000,000\n \n .‎\n \n \n \n \n \n \n \n \n \n The Common Shares trade on the Toronto Stock Exchange under the symbol \"LCFS\".‎\n \n \n \n Project Updates\n \n \n \n With the closing of the Offering, Tidewater Renewables is pleased to announce a positive final investment decision (\"\n \n FID\n \n \") on the 3,000 bbl/d Renewable Diesel and Renewable Hydrogen Complex (as defined and described in the Company's supplemented PREP prospectus dated\n \n August 12, 2021\n \n (the \"\n \n Prospectus\n \n \")), which is expected to enter into service in Q1 2023. Management anticipates the Renewable Diesel & Renewable Hydrogen Complex to generate approximately\n \n C$90\n \n -\n \n C$95 million\n \n of EBITDA in 2023 on a full year run-rate basis based on certain operating assumptions fully described in the Prospectus.\n \n \n The Canola Co-Processing Project achieved successful commissioning and start-up, slightly ahead of its planned schedule and first production of renewable diesel has commenced. Over the next 30 days, management expects renewable diesel production from the Canola Co-Processing Project to ramp-up to its 300 bbl/d nameplate capacity...