By TINA BECKERA, Associated Press reporterThe U.S. has begun selling biodiesel and biofuels to China and other Asian countries, and the U.K. is expected to join that trend.
But the U,S.
biodiesel industry is still far from reaching its full potential.
The U,BidExchange, which is trying to grow the market by partnering with China and Japan to bring foreign products to U.N. member nations, announced Thursday that it is investing $3.5 billion in its biodiesel business and is planning to expand the number of customers it has in countries where biofuel production is low.
The investment will bring the number that the U BidExchange serves to 60 million metric tons, up from the 15 million metric ton number that it currently serves, according to a statement from BidExex.
It will also allow the company to more quickly expand its operations in other countries, including the U., China and Vietnam.
The company said it is “deeply committed” to its international footprint, and said it plans to expand its supply chain.
Bidexexex is planning an expansion in Japan in the next two years.
Biodiesel production in China is expected be at about 1 million metric tonnes annually by 2020, and it plans a 10 million-tpd growth in China by 2025.
The biofuelling business is expected by BidEx to become a $40 billion industry by 2030, with biofueling a $20 billion market by 2030 and biofuel a $30 billion market, according the company’s estimates.
The biodiesel market is expected in Asia to reach $50 billion by 2025, said Biddexex CEO John Siegel.
Biofuels are made from the decomposition of organic wastes such as meat, fish, wood, cotton and soybean and are generally considered more environmentally friendly than fossil fuels.
They are less polluting than oil or natural gas, and can be used to power transportation, heating and power plants.
BidX, which has an annual sales of $3 billion, has said it aims to expand to a $10 billion global market by 2020.
“We are proud to have joined the BidEx Exchange, the largest global biodiesel trading network in the world,” BidEx President David McWilliams said in a statement.
“Our vision is to expand our presence and expand the markets in the U and Asia that we serve, and we believe this partnership will be a great way to achieve that.”
The Biofuels for Humanity biofuel initiative is a partnership between BidEx and the International Biofuel Organization.
The Biofuures for Humanity initiative aims to produce biofuers that are sustainable, and are environmentally friendly.
BioFuels for Humans has been working to produce cleaner alternatives to biofuils, and BiddEx is one of the first U.s. companies to participate.
In October, BidsEx said it had agreed to a new 10-year contract with a biofuel producer that it will sell to the United States.