CALGARY, AB, Feb. 28, 2025 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS), owner of Canada's first renewable diesel refinery, welcomes the Government of British Columbia's changes to the Low Carbon Fuels Act aimed at strengthening the Canadian biofuels sector.
Tidewater Renewables Ltd. Logo (CNW Group/Tidewater Renewables Ltd.)
The ability of US renewable diesel producers to dump their product into British Columbia and unfairly benefit from both a production subsidy received in the U.S. and the generation of emissions credits at the point of sale in British Columbia has created an unlevel and unfair trade environment for Canadian renewable diesel producers. The action taken by the Government of British Columbia represents a good first step in levelling the unfair trade environment and supporting the economic viability of Tidewater Renewables and the broader Canadian biofuels industry.
The announced changes to the Low Carbon Fuels Act, specifically the increase to the renewable fuel requirement for diesel from 4% to 8%, together with requiring such renewable fuel content to be produced in Canada which comes into effect on April 1, 2025, demonstrates the Government of British Columbia's commitment to strengthening the Canadian biofuel sector. Tidewater Renewables will continue to work with both the Provincial and Federal governments to ensure appropriate and fair policies are in place to support the Canadian renewable fuels industry. In addition, the Corporation remains dedicated to pursuing the countervailing (anti-subsidy) and anti-dumping duty complaint (the "Complaint") to address unfairness in the Canadian renewable diesel market. For more information on the Complaint, please refer to the Corporation's press release issued on January 6, 2025.
"We are grateful for the support from the Government of British Columbia in levelling the playing field for Canadian renewable fuel producers and hope that, with these changes, we're now able to better compete with U.S. producers dumping their product into the British Columbia market. That said, the challenges facing the Canadian renewable fuels industry are substantial and it's going to take an all-hands approach to ensure our industry is able to continue to meet the growing demand for clean fuels", said Jeremy Baines, Chief Executive Officer of Tidewater Renewables. "As more renewable fuels produced in Canada become available, we expect the Government of British Columbia to raise the Canadian-produced renewable fuel requirements to an appropriate level to ensure a fair trade environment for renewable diesel and align policy with the broader goals of the Canadian biofuel sector".
Tidewater Renewables is committed to being a leader in the energy transition, continuing to develop made-in-British Columbia energy solutions, creating good paying jobs in British Columbia and continuing to reliably supply low-carbon fuels, helping British Columbia and Canada meet emission-reduction targets.
ABOUT TIDEWATER RENEWABLES
Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become a leading Canadian renewable fuel producer. The Corporation is pursuing this objective through the ownership, development, and operation of clean fuels projects and related infrastructure, that utilize existing proven technologies. Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.ca and at www.tidewater-renewables.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "would", "could", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in the forward-looking statements used herein are reasonable, but no assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in this press release should not be unduly relied on.
In particular, this press release contains forward-looking statements concerning the expected timing for the changes to the Low Carbon Fuels Act to take effect, the Corporation's discussions with Provincial and Federal governments regarding the renewable fuels industry, the Corporation's pursuit of the Complaint, the effect of the changes to the Low Carbon Fuels Act on the Corporation's business and its competitive position within the renewable fuels industry and the Corporation's expectations regarding future Canadian-produced renewable fuel requirements.
Although the forward-looking statements contained in this press release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure shareholders, investors or other parties that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this press release represent expectations as of the date of this press release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. With respect to the forward-looking statements contained in this press release, the Corporation has made assumptions regarding the impact of the changes to the Low Carbon Fuels Act on the Canadian biofuels industry and the implementation and timing of the changes to the Low Carbon Fuels Act.
In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include the factors discussed under "Risk Factors" in the Corporation's annual information form for the year ended December 31, 2023 and its most recent management's discussion and analysis.
All the forward-looking statements in this press release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.
