Take part in a renewable future

Initial investment: MNOK 4 - Next step: MNOK 39,2 - Expected annual turnover: MNOK 110

Triple-Energy AS is a Norwegian energy company that has developed access to advanced, renewable bio-resources. The company will now establish its first process plant in Norway - and invites new shareholders to contribute to the realization. The total issue amount is estimated at NOK 36.50million

The company was established in 2008 by three former colleagues in the management team of UNEP / Grid-Arendal, Thore-Andre Thorsen (40%), Steinar Sørensen (30%) and Cato Litangen (30%). The company was created in response to a development opportunity presented by a Grid colleague based in Uganda.

The desire was to refine the plant Jathropha Curcas into combustion oil and fuel. A company was therefore set up in Uganda (Future Energy), which later acquired an industrial site in Masindi, located in western Uganda, approx. 4 hours from the capital Kampala. In this area, large deposits of Jathropha have been mapped, and here we have organized supply through a program where independent farmers cultivate the plant / harvest from existing wild-growing plants.

Jatropha's opportunities for biofuel production were highlighted at the turn of the millennium. A few years later, the plant was predicted to become one of the world's most important raw materials. It originates from Latin America. The tree or shrub has long been known in Asia and Africa, and it is used as a hedge to fence in livestock or it grows wild. The plant is poisonous, and can grow in barren areas where it survives with little water. When jatropha grows in poor soil, which is not suitable for intensive agriculture, the plant was presented as a solution to the problems of biofuels. Jathropa also provides protection for other crops grown in the same area, and is therefore suitable as a cash crop.

The fruit is harvested 2 to 3 times a year. The nuts contain between 25-35 percent oil, and have on a small scale level been used for lighting, soap production and insect protection. The nuts (like olive stones) are pressed for oil. The pulp can be used as fertilizer. The rest of the biomass is suitable as charcoal, wood chips, pellets or bio-coal.

The original goal was to establish an industrial processing fascility in Masindi, which could serve a local market with fuel and heating oil.

• The challenge was to find refinery solutions adapted to smaller production volumes.

• Skepticism about investing in bio-fuels

• The location was pointed out as a challenge for the project - financially and politically, and in relation to technology development and operation of process plants.

• We concentrated our work on supplying raw materials and securing construction sites

The market has during time since start-up fully matured for 3rd generation bio-oil.

• This is driven by intervention regimes.

• The prices of bio-fuels have increased significantly.

• In the capital market, projects that are part of the shift away from fossil energy sources are in demand.

• Technology solutions adapted to smaller markets are now available.

These factors have lead to a strategic change of Triple Energy:

• The process plant is being developed and established in Norway.

• Refined products are sold in Norway

• New end products are being developed

• The construction and operation concept is marketed internationally

Process Fascility in Arendal, Norway
When establishing a process plant in Arendal, Triple-energy will use renewable energy resources to produce sustainable biofuels and biological combustion products for the Norwegian market. The plant has a capacity for an annual production of biodiesel corresponding to 6.7 million liters and heating chips corresponding to 100 Gwh. In comparison, the Norwegian market for liquid biofuels for road traffic was 600 million liters in 2019. The requirement for 2021 is 944 million liters. Annually, 1 million m3 of wood chips are sold in Norway, which corresponds to 2350 Gwh.

• The establishment of the facility will have a cost (CAPEX) of NOK 15.5 million.

• Annual operating expenses (OPEX) are planned at NOK 85 million and revenues of NOK 111 million.

• The purchase of Jatropha accounts for 64% of the income from processed products.

• Purchase of and sale prices constitute the main financial risk

For several years, Triple-Energy has established a solid overview of raw material supply. The company has its own access to Jatropha Curcas in Uganda and Tanzania. Within 6 years, this access can supply the plant's full capacity.

In our plan, we use Jatropha Curcas as a raw material, but the process technology can use all types of sustainable raw materials. Jatropha also has other applications in the chemical process industry, such as CO2 neutral oil and adhesive products.

The process plant consists of a mechanical press, refinery, tanks and warehouse. The refinery and mechanical press cover an area of ​​30m3. This is fully integrated technology that is adapted to a decentralized and flexible supply structure, in contrast to large industrial processing plants. The whole fascility can also be moved

The competence needs in the organization will consist of logistics, sales and marketing, process subjects, and operators. Planned staffing is 10 man-years. The organization is budgeted at NOK 14 million.

Financial need to cover enty-costs, investment in facility and start-up:

• Purchase and establishment of the process plant: MNOK 15.5

• Operation of organization: MNOK 13,7

• Purchase of raw materials: MNOK 20,0

• Establishment costs incurred so far: MNOK 4.0

• TOTAL: MNOK 53.2