Carbon negative renewable fuels joint venture announced

MEDIA RELEASE: Thursday 8 July 2021

Frontier Impact Group is excited to announce a joint venture with Carnarvon Petroleum Ltd, to produce the first commercial-scale renewable diesel bio-refinery in Western Australia.

The joint venture plans to use internationally proven technology to process waste biomass and produce renewable diesel, high-quality biochar and wood vinegar using a sustainable process that is carbon negative.

The bio-refinery aims to produce 18 million litres of renewable diesel per annum, with production set to commence late 2022.

The project will create 150 direct and Indirect jobs in the Collie region of Western Australia and reduce carbon emissions by almost 70,000 tonnes per annum.

Much of the high-quality biochar could be processed further into high-quality graphene, with potential next-generation applications such as electronics, batteries and material composites.

“Frontier Impact Group is very pleased to be partnering with Carnarvon in this nation-leading project,” said Jennifer Lauber Patterson, Managing Director of Frontier Impact Group.

“Carnarvon shares our vision to deliver real alternatives to fossil fuels and are taking investment opportunities to transition to net zero.”

Each party will own 50 per cent equity in the joint venture, with Carnarvon set to invest AU$2.6 million in seed capital to enable the first project to reach financial close, expected to be early 2022.

Ms Lauber Patterson acknowledged the support of the Western Australian state government.

“The Western Australian Government has been very supportive of our project through the Collie Futures Small Grant Program that provided $100,000 towards a feasibility study in 2020 that has led to this very exciting announcement,” Ms Lauber Patterson said.

MEDIA ENQUIRIES

Frontier Impact Group Jennifer Lauber Patterson

Managing Director, Frontier Impact Group

Phone: 0431 263 000

Email: jennifer@frontierimpact.com.au

Carnarvon Petroleum Ltd Luke Derbyshire

Managing Director, Spoke Corporate

Phone: 0488 664 246

Email: luke@spokecorporate.com

About Frontier Impact Group

Frontier Impact Group is a climate solutions advisory and investment firm, deploying specialist expertise at scale to drive financially viable, planet friendly solutions and accelerate the global race to net zero.

Frontier Impact Group works directly and strategically with future-focused businesses on high impact projects across the globe to deliver exceptional environmental and commercial outcomes. Frontier Impact Group’s key activities focus on the clean energy transition, waste and water management, and carbon project development focused on land protection and regeneration activities.

As pioneers in climate solutions, they use their cutting-edge technology, unique insights, and sophisticated financial models to provide comprehensive climate solutions advisory and project development capability to support the businesses of the future as they shape their climate strategy, business models and financing in the global race to net zero.

About Carnarvon Petroleum

Carnarvon Petroleum Ltd is an ASX-listed oil and gas exploration company that prides itself on thought innovation. Through creative partnerships and bold investment in the latest data and technology, Carnarvon Petroleum is creating opportunities that many thought not possible.