May 4 (Renewables Now) - Finnish renewable fuels producer Neste Oyj (HEL:NESTE) on Monday said it has finalised the acquisition of US-based cooking oil management services firm Mahoney Environmental Inc.
The transaction supports the company's efforts to strengthen its renewable raw material platform.
As part of the deal, first announced in March, Neste acquired 100% of Mahoney and its affiliated entities. Mahoney collects used cooking oil from restaurants, hotels, sports stadiums and airports. The leftover oil is pretreated to become a component of renewable products.
Used cooking oil is one of over ten different types of feedstock that Neste can use to produce renewable diesel, sustainable aviation fuel and raw materials for renewable polymers.
The transaction is in line with Neste’s feedstock strategy which focuses on waste and residues growth and the development of new feedstock sources. The company aims to reach a 100% waste and residues share by 2025. Through Mahoney, Neste gains access to a substantial volume of used cooking oil with opportunities for expansion across North America.
Neste in 2018 acquired Dutch animal fat trader IH Demeter.