Forge procures $4m from Lockheed Martin

Forge Hydrocarbons, a Canada-based renewable fuel producer spun out of University of Alberta, raised $4m in funding yesterday from aerospace company Lockheed Martin.
The investment helps Lockheed meet its obligations under Canada’s Industrial and Technological Benefits Policy, which stipulates recipients of defence procurement contracts conduct business within Canada.
Founded in 2012, Forge Hydrocarbons is commercialising a hydrocarbon production technique that converts organic lipid compounds into renewable fuels with similar qualities to petroleum.
Forge claims the approach could reduce greenhouse gas emissions by more than 70% compared with crude oil-based petrol.
The capital will go toward building a 19 million litre-per-year capacity lipid-to-hydrocarbon production plant in Sombra, Ontario, and Forge also plans to fund further research into lipid-based fuels and other renewable feedstocks.
Forge’s technology was invented by David Bressler, a professor at Alberta’s Faculty of Agricultural, Life and Environmental Sciences.
Charles Bouchard, CEO of Lockheed Martin Canada, said: “We are impressed with Forge and its contributions to providing this advanced, renewable fuel technology to the global community.
“The success of this investment is an example of how large international aerospace companies such as Lockheed Martin can collaborate with smaller businesses in Canada to create opportunities for lasting growth in the Canadian economy.”