SquareOne Energy Announces Advanced Development Of Its Modernized Used Oil Recycling Facility In The Northeast U.S

• SquareOne Energy, LLC announces development of its innovative used oil recycling facility, which will be the first process in the U.S. to recycle used oil materials into clean on-road fuel products
  
  
• Sunoco LP, a leading national fuel distribution company, has entered into a multi-year offtake agreement to purchase all SquareOne’s ultra-low sulfur diesel and naphtha products
  
  
• The Company’s initial facility will be constructed in the Philadelphia region at PBF’s active refined products terminal location in Paulsboro, NJ; the PBF site will provide substantial benefits namely through existing infrastructure and multi-modal access, which will position SquareOne to be operational in 1H24
  
  
• The Company has secured used oil feedstock commitments for over 60% of its plant inlet capacity, and expects to be fully contracted at the point of full operation
  
  
• SquareOne will generate strong cash flow margins from its advanced processing operations with future added benefit from potential low carbon fuel credits

SquareOne Energy, LLC (“SquareOne” or the “Company”) announced today the development of its initial discarded and used oil recycling facility in the Philadelphia region, the first to serve the northeast U.S. and mid-Atlantic markets. The facility will feature the most advanced process in the re-refining industry and create a holistically sustainable approach for re-energizing wasted oil. The Company will accomplish this by converting a wide array of used oils and other waste hydrocarbon streams into clean transportation fuel products, primarily ultra-low sulfur diesel (“ULSD”). SquareOne’s ULSD, which will meet Colonial Pipeline specifications, will be available for immediate delivery into vehicles, transportation pipelines, and marine vessels, making SquareOne the first facility in the nation to recycle discarded oil into high quality on-road fuel.