Display menu

Web Content Viewer

Display menu

FCL Purchases True North’s Assets

April 9, 2021

Over the past number of years, Federated Co-operatives Limited (FCL) has been building a strategy to improve the environmental impact of our facilities and the transportation fuels we produce. This strategy is already being executed, as highlighted by our acquisition of the Co-op Ethanol Complex as well as our recent announcement of new electric vehicle charging stations in 12 communities across the Prairies.

“We are excited about the purchase of True North Renewable Fuels assets as it is another important step we have taken toward a sustainable future,” said Scott Banda, CEO, Federated Co-operatives Limited. “Our company is committed to implementing sustainable solutions that ensure our Co-op system remains competitive. Energy and transportation fuel sources are going to change, and this purchase demonstrates that we are positioning our Co-op to meet the challenges of the changes that lie ahead.”

Renewable fuels are a critical component of FCL’s climate change strategy and are the reason the company pursued the purchase of True North’s assets. After careful analysis of the work True North has completed with regard to biofuel production, FCL felt that the acquisition of True North’s current assets would supplement the work FCL has already completed and give the company a strategic and competitive advantage in our pursuit of sustainable solutions. As a company, FCL understands the need to reduce our reliance on traditional fossil fuels, and the production of alternative energy sources will play an important role in reducing emissions from transportation fuel.

“We are pleased that FCL and True North have reached this agreement,” said Mayor Sandra Masters. “After our original discussions with True North, we knew they had identified an exciting potential opportunity for bio-fuel technology. With FCL’s acquisition of True North, we are confident the city has a prominent business partner that can take that vision from concept to reality. This is an incredibly positive step for our city and our long-term sustainability goals.”

Douglas Cole, CEO of True North, is also pleased that FCL sees a promising future in biofuels and was willing to purchase the company’s assets. “The idea of biofuel production is a concept I have been working on for four years, and it has truly become a passion project for me,” said Mr. Cole. “I am confident that FCL has the resources and operational knowledge to fully assess producing biofuel. In FCL, I believe we have found the right company to ensure the project comes to fruition. The concept is in good hands.”

FCL is proud of the economic investments they make across Western Canada and in the 600 communities Co-op serves. Those investments include significant economic benefits to the City of Regina as we continue to make substantial investments in the local area. A prime example of these investments is the $80 million Turnaround that began April 5, at the Co-op Refinery Complex. The annual mega project invests tens of millions of dollars in the Refinery and local economy each year.

FCL is committed to building sustainable communities by serving Western Canadians. The acquisition of True North’s assets demonstrates the company’s commitment to investing in the local economy and to sustainably fuelling Western Canada for years to come.