Covenant Energy Advances its $500 million Renewable Diesel Fuel Project with Important Additions to the Engineering, Technology, and Executive Teams

Selection of Haldor Topsoe and Gas Liquids Engineering, Turner International Group among others, brings depth of expertise to Covenant Energy's planned renewable diesel facility team.

ESTEVAN, SK, June 15, 2021 /CNW Telbec/ - Saskatchewan-based renewable fuel innovator Covenant Energy Ltd. ("Covenant Energy") is pleased to announce key appointments as a part of its planned renewable diesel and sustainable aviation fuel facility. These exciting developments build upon positive conversations with all levels of government, especially at the federal level on its strengthened climate plan and programming. Covenant Energy appreciates its engagement with the Minister of Natural Resources, his office, and department officials regarding the design of the soon to be launched Clean Fuels Fund.

Haldor Topsoe has been chosen by Covenant Energy as the facility's technology provider and Gas Liquids Engineering has joined as the engineering firm that will oversee project management. Haldor Topsoe brings world-leading, industry-proven technology that will help Covenant Energy meet its projected renewable fuel demand. Gas Liquids Engineering adds both regional and global expertise in fuel and gas engineering to the facility's planning and construction stages.

In addition, Covenant Energy is happy to announce the appointments of Keenan Hohol as General Counsel, Everett Rueve as Senior Advisor, Engineering & Operations, Mike Corr as Senior Advisor, Commercial Operations, and Mark Roe as Senior Advisor, Feedstock & Supply. Covenant Energy welcomes these important appointments that add deep knowledge and experience across its executive leadership team as it moves forward with its project. Covenant will continue to add key personnel to its roster to ensure a successful project.

To complement the industry, technology and executive team, Turner International Group Ltd ("TIG") has been selected as corporate finance advisor and will guide Covenant Energy in its project financing. Covenant Energy values Turner International's understanding of financial solutions for a post-pandemic, green economy. TIG, based in Vancouver, BC but with global reach, has experience in structuring and advising on a range of alternative energy and sustainable project financings.

QUOTES:

"We are very pleased that Covenant Energy has selected Topsoe's HydroFlex^TM and H2Bridge^TM technologies for this state of the art, standalone renewable diesel facility. These market-leading technologies are complementary to each other and will provide Covenant with one of the lowest carbon intensity fuels in the world. "

• Tim Reiter, Senior Principal Engineer, Haldor Topsoe Canada Limited

"We are honoured to be chosen by this innovative western Canadian sustainable enterprise. Working with a superb management and project team, we look forward to bringing our expertise and relationships to execute an appropriate financial structure."

• Keith Turner, President and CEO of TIG

"Gas Liquids Engineering (GLE) is pleased to provide engineering services on Covenant's HDRD refinery project. This facility will play an important role in supporting Canada's Clean Fuel Regulations, and net zero targets."

• Stuart MacKenzie, Vice President Business Development, Gas Liquids Engineering

"Covenant Energy is proud to welcome Haldor Topsoe, Gas Liquids Engineering, Turner International Group, and an experienced executive and financial team that brings a high level of expertise to our planned renewable diesel facility. These appointments mark an important milestone in advancing Canada's first standalone renewable diesel refinery. As a renewable fuels stakeholder, we want to thank the Minister O'Regan for receiving our input on the Clean Fuels Fund and look forward to providing his office with further details of the project as it develops."

• Josh Gustafson, President and CEO, Covenant Energy Ltd.

About Covenant Energy: Covenant Energy is a private company founded in 2019 with the mission to become a Canadian leader in the transformative green fuel industry through the production of Renewable Diesel and Sustainable Aviation Fuel (SAF). To do so, Covenant Energy is developing the first stand-alone Hydrogenation-Derived Renewable Diesel (HDRD) refinery in Canada, which will transform renewable feedstocks, including Canadian prairie-grown canola oil into a premium diesel product.

SOURCE Covenant Energy

Kate Mah, [email protected]