Although Chevron (NYSE:CVX) hasn’t divulged how much they’ve invested, the company has made its first investment in a biodiesel plant.
The investment is in a a Texas company that is building a biodiesel plant with the capacity to produce 100 million gallons per year.
The plant will produce biodiesel from soybeans and other feedstocks. The plan is to sell pure biodiesel or biodiesel blended with off-road or on-road diesel fuel for marine, commercial, trucking and industrial users in Houston and Galveston, Texas.
“We believe biofuels are a component of the diversification of the fuel supply to meet future energy demand,” said Don Paul, vice president and chief technology officer at Chevron, in a statement announcing the investment.
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