Bunge, a leading producer of plant-based oils, and Olleco, the renewables division for ABP Food Group, announced an agreement to form a 50/50 joint venture to create a business that encompasses the full life-cycle of edible oils. The joint venture is expected to work with foodservice and food manufacturing customers in Europe - excluding UK and Ireland - to supply oils and ensure the used cooking oil (UCO) is efficiently collected and used as a feedstock in the production of renewable fuels. The solutions and services to be offered will help address environmental and energy security challenges from key markets in Europe.
“We are pleased to partner with Olleco as we expand our portfolio of renewable feedstocks in Europe. Together, we share a commitment to sustainability and to finding innovative solutions to reduce carbon in our value chains,” said Greg Heckman, Bunge CEO.
The partnership, headquartered in Amsterdam, is expected to leverage Bunge’s customer relationships, footprint and global expertise in vegetable oil production and Olleco’s market leading model in the supply, collection and conversion of cooking oils.
“This is an exciting step for Olleco in Europe. The 50/50 joint venture will accelerate our expanding footprint allowing us to unlock a wider, professionalised service to the food industry that works to capture this valuable resource. We’re delighted to partner with Bunge, a company that is agile, innovative and committed to the renewables space,” commented Joe Kenny, Olleco CEO.