ST. LOUIS — Bunge and Olleco, the renewables division for ABP Food Group, have agreed to form a joint venture that will cover the full life-cycle of edible oils.
The joint venture will work with foodservice and food manufacturing customers in Europe, excluding the UK and Ireland, to supply oils and ensure used cooking oil is collected and used as a feedstock for renewable fuels production.
“We are pleased to partner with Olleco as we expand our portfolio of renewable feedstocks in Europe,” said Greg Heckman, chief executive officer of Bunge. “Together, we share a commitment to sustainability and to finding innovative solutions to reduce carbon in our value chains.”
The partnership, headquartered in Amsterdam, Netherlands, is expected to leverage Bunge’s customer relationships, footprint and global expertise in vegetable oil production and Olleco’s market model in the supply, collection and conversion of cooking oils.
“This is an exciting step for Olleco in Europe,” said Joe Kenny, CEO of Olleco. “The 50/50 joint venture will accelerate our expanding footprint allowing us to unlock a wider, professionalized 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.”Olleco is the UK’s leading supplier of premium cooking oils and collector of used cooking oil and food waste. The oil Olleco collects is converted into high-grade biofuels and the food waste collected is transformed into renewable energy and fertilizer.