Steeper Energy Announces EUR 50.6 M (DKK 377 M) Advanced Biofuel Project with Norwegian-Swedish joint venture Silva Green Fuel in Licensing Deal

COPENHAGEN, Denmark–(BUSINESS WIRE)–#biofuels–Steeper Energy, a Danish-Canadian clean-fuel company, is partnering with
Silva Green Fuel, a Norwegian-Swedish joint venture, to construct a EUR
50.6 M (DKK 377M) industrial scale demonstration plant at a former pulp
mill located in Tofte, Norway leading to a future commercial scale
project.

Steeper will license its proprietary Hydrofaction™ technology
to Silva, who will build the facility over the next 18 months. The
demonstration plant will use woody residues as feedstock that are
converted to renewable crude oil and, in turn, will be upgraded to
renewable diesel, jet or marine fuel.

Steeper’s Hydrofaction™ technology was selected by Silva
after an exhaustive due diligence review of some 40 other technologies.
Hydrofaction™ harnesses water brought to super-critical
conditions, to cost effectively convert biomass to high-value liquid
biofuels.

The partnership between Silva Green Fuel and Steeper will confirm
engineering data and design protocols to de-risk future commercial scale
facilities planned to be built by Silva and will be offered by Steeper
globally to other biofuel project developers.

Silva is a joint venture between Norway’s Statkraft, a leading company
in hydropower internationally and Europe's largest generator of
renewable energy, and Sweden’s Södra, a cooperative of 50,000 forest
owners with extensive forestry operations and a leading producer of
paper pulp, sawn timber and bioenergy.

With global trade growth, heavy and long-haul transport sector emissions
are increasing, and low-carbon options for road diesel, marine and jet
biofuels will help meet carbon reduction targets.

Steeper’s biofuel easily integrates into existing petroleum
infrastructure and is physically comparable to fossil fuels. Hydrofaction™
utilizes many other feedstocks, including organic wastes, agricultural
residues, and animal manure.

Steeper is entertaining partnerships with biomass aggregators or energy
producers to develop similar commercial-scale projects, and is grateful
to the European Commission’s Horizon 2020 SME program for financial
support.

Steeper Energy is a Danish-Canadian clean-fuels company focused on
commercializing our proprietary Hydrofaction™
technology to provide cost-effective biofuels compatible with the
existing fossil fuel infrastructure. We transform low-value biomass into
high-value biofuel that helps companies and countries meet carbon
emission reduction targets. Contact us at steeperenergy.com.

Contacts

Steeper Energy
Perry Toms, CEO
[email protected]
Danish
Mobile: +45 52 76 31 88
Canadian Mobile: +1 403 606 8954
or
Bob
Moll, Director, Operations and Engineering
[email protected]
+1
403 669 1793