FutureEnergy Australia signs MoU with Horizon Power

FutureEnergy Australia (“FEA”) is pleased to announce it has signed a non-binding Memorandum of Understanding (“MoU”) with the regional Western Australia electricity company Horizon Power.

The MoU provides a framework for the organisations to pursue a strategic partnership on renewable diesel project development and production.

A strategic partnership with Horizon Power is intended to canvas a wide range of opportunities, including direct investment into renewable diesel projects, offtake, power purchase agreements and new site locations.

Horizon Power’s service area includes 34 microgrids and connected systems in the Kimberly, Pilbara, Gascoyne/Mid-West, and Esperance/Goldfields regions of Western Australia. These regional areas are proximal to new potential renewable diesel project locations identified by FEA.

Horizon Power and FEA acknowledge the complementary business objectives in building and scaling up renewable diesel production capacity in regional Western Australia.

Horizon Power’s Chief Financial Officer, Mike Houlahan said:

“The arrangement with FutureEnergy Australia provides the potential to accelerate decarbonisation of regional power generation through renewable diesel while also supporting regional economic growth and job creation.

“We see renewable diesel as a future low emission fuel that can be used within our energy systems as an alternative to fossil fuel diesel or more expensive energy sources like battery energy storage systems,

“We look forward to working with FutureEnergy Australia to explore opportunities to support Western Australia’s emerging renewable diesel industry.”

FEA’s Chair Adrian Cook said:

“FEA aims to build a renewable fuels business with 500 million litres per annum production by 2030 in Western Australia. Support from Horizon Power is a recognition of the tangibility of the renewable fuels business and highlights the significant demand for domestically produced renewable diesel.

We are excited to work with Horizon Power to progress a strategic renewable diesel partnership. Horizon and FEA share many core values in delivering better economic and carbon outcomes for regional Western Australians.”