NEXT Renewable Fuels

About NEXT Renewable Fuels

NEXT Renewable Fuels, operating as NXTClean Fuels, is a development-stage company focused on establishing a significant footprint in the renewable fuels market. The firm was co-founded in 2016 by its current Chairperson and CEO, Christopher Efird, an entrepreneur with three decades of experience in energy, finance, and public markets. His background includes leading and co-leading investments in numerous growth-stage businesses, with a history in private equity and managing companies in sectors like energy and technology, providing a strong foundation for navigating the complexities of large-scale energy project development.

The company's core business revolves around the production of renewable diesel (RD) and sustainable aviation fuel (SAF). These products are engineered to be chemically identical to their petroleum-based counterparts, allowing them to be used in existing diesel engines and jet aircraft without any modifications. The primary value proposition lies in the significant reduction of greenhouse gas emissions, with its fuels cutting lifecycle emissions by up to 85% compared to conventional fossil fuels. The business model is centered on converting organic waste materials, such as used cooking oil, animal tallow, and fish grease, into these high-demand clean fuels.

NEXT's flagship project is a large-scale biorefinery proposed for the Port Westward industrial park in Columbia County, Oregon. Strategically located with deep-water access on the Columbia River, the facility is designed for an initial output of 37,500 barrels per day, with plans to scale up to a full capacity of 50,000 barrels per day. This positions the company to serve the growing clean fuel markets on the U.S. West Coast. The project has been navigating a multi-year, rigorous permitting process, securing key state-level approvals for air and water quality. In November 2022, the company announced a business combination agreement with a special purpose acquisition company, Industrial Tech Acquisitions II (ITAQ), with the intention of becoming a publicly traded entity, though this merger was later cancelled in November 2023. Despite this, the company has attracted strategic investment interest, notably from United Airlines Ventures, which could invest up to $37.5 million contingent on meeting certain milestones.