Neste, the world’s leading producer of renewable diesel and sustainable aviation fuel produced from waste and residue raw materials, has agreed to acquire 100% of Mahoney Environmental (Mahoney), a collector and recycler of used cooking oil in the United States, and its affiliated entities. The transaction is subject to the fulfillment of customary closing conditions and regulatory approval.

This is another important step for Neste in the execution of our growth strategy. With this acquisition we will gain access to a substantial volume of used cooking oil as well as a platform to grow our raw material supply chain in North America.

— Peter Vanacker, President and CEO of Neste

The transaction supports Neste in its effort to build a global waste and residue raw material platform that can keep pace with the world’s growing demand for renewable products. It will also enhance Neste’s competitiveness in the global waste and residue raw material market.

Used cooking oil is one of more than 10 different types of feedstock that Neste can use to produce renewable diesel, sustainable aviation fuel and raw materials for renewable polymers. An extensive raw material base provides flexibility, allowing Neste to respond to the needs of different markets and customers.

Mahoney collects used cooking oil from restaurants, hotels, sports stadiums and airports. The company pretreats the leftover oil, creating a reliable sustainable component that can be turned into renewable products.

Neste is ranked as the world’s 3^rd most sustainable company according to the Global 100 Index. The company’s premium renewable products can enable forward thinking businesses and cities to phase out fossil fuels, reduce their carbon footprint and achieve their sustainability targets.

In 2019, renewable products refined by Neste helped reduce greenhouse gas emissions globally by 9.6 million tonnes—the equivalent of taking 3.5 million passenger cars off the road for one year.

Neste operates renewable product refineries in Singapore, Rotterdam in the Netherlands, and Porvoo in Finland. These facilities can process a wide-range of sustainably sourced, 100% renewable raw materials.

Neste has announced a $1.54-billion expansion at its renewable products refinery in Singapore, which will significantly increase production capacity of Neste MY Renewable Diesel and sustainable aviation fuel.