Ontario Invests $5M+ in Greenwater to Unlock New Biofuel Markets. Read More.
Greenwater Ltd. Secures $20M Capital Investment to Build Ontario's First Waste Wood-to-Fuel Demonstration Plant
Thunder Bay, Ontario – May 8, 2026 at 10:00 a.m. EST – Greenwater Ltd., an Ontario-based cleantech innovator, today announced C$20 million in combined investment from strategic partners including The BMI Group, Vantage Futures, and the Province of Ontario to construct an innovative demonstration facility that converts waste wood residuals into renewable diesel and, once certified, sustainable aviation fuel.
The demonstration facility, located at the Thunder Bay Pulp and Paper Mill, will showcase Greenwater's patented thermal catalytic process – a first-of-its-kind technology that transforms forestry byproducts into drop-in transportation fuels. Construction begins immediately, with commissioning targeted for mid-2026.
"This investment validates both the technology and the tremendous opportunity for Ontario's forestry communities to participate in the rapidly expanding renewable energy economy," said James C. Irving, President of Greenwater Ltd. "Our process creates a sustainable end-market for mill residuals while producing the low-carbon fuels that Canadian industry urgently needs."
“Greenwater is an example of innovation strengthening the forestry sector. Our sites are well suited to serve as future centers of excellence for Greenwater, and our equity position aligns with our strategy of putting wood back to work,” said Paul Veldman, CEO of BMI Group. “We are grateful to Thunder Bay Pulp and Paper for hosting the demonstration plant. Together with our partners Business EQ, we are proud to invest in advancing this project,” he added.
“Vantage Group is committed to advancing practical, scalable solutions that accelerate the decarbonization of transportation infrastructure,” said Matthew Handford, Executive Managing Director of Vantage Futures, the corporate venture capital initiative of airport and transportation infrastructure leader Vantage Group. “Greenwater’s innovative approach to converting forestry residuals into renewable diesel and sustainable aviation fuel aligns strongly with our focus on sustainable mobility and resilient energy systems. We are proud to support a project that contributes to building the low-carbon fuel supply needed for the future of aviation and ground transportation.”
At commercial scale, Greenwater's facilities will enable significant decarbonization across energy-intensive sectors including mining, rail transportation, and commercial aviation – without compromising operational performance or competitive positioning. Each at-scale plant is projected to produce over 33 million liters of renewable fuel annually and 132 million litres across the first four at-scale plants.
The demonstration plant represents a strategic collaboration among leading Thunder Bay organizations, including engineering partner Nordmin Engineering, general contractor Venshore Mechanical, research partner Lakehead University, and host site Thunder Bay Pulp and Paper.
“Under our government’s forest sector roadmap, we’re taking action to enhance Ontario’s reputation as a G7 leader in forest product manufacturing,” said Kevin Holland, Associate Minister of Forestry and Forest Products. “We are proud to invest in new technology that will deliver renewable fuels to power industries, accelerate productivity and grow business opportunity in Thunder Bay and across Ontario’s cornerstone forest sector.”
“By pursuing new ideas, businesses like Greenwater are diversifying their products, turning forest biomass into alternatives to conventional fuels,” said George Pirie, Minister of Northern Economic Development and Growth. “Through the NOHFC, our government is supporting innovation in northern industries like forestry to help them grow, pivot and open up new markets for wood residuals, helping to build a stronger, more self-reliant North.”
The Thunder Bay facility will operate continuously to validate fuel yields exceeding three hundred liters per bone-dry metric tonne of biomass while pursuing ASTM D975 certification and carbon credit qualification. Success will pave the way for four commercial at-scale facilities across Northern Ontario, representing over C$230 million in total capital investment.
Bonfire Capital Advisors acted as exclusive financial advisor to Greenwater with legal counsel from McCarthy Tétrault. Gowling WLG acted as legal counsel for The BMI Group. DLA Piper acted as venture-focused external legal counsel for Vantage Futures.
About Greenwater Ltd.
Greenwater Ltd. is a Toronto-headquartered cleantech company developing renewable diesel production facilities co-located with sawmills and paper mills across Northern Ontario. The company holds exclusive rights to proprietary thermal catalytic technology optimized for wood residuals conversion.
About the BMI Group
The BMI Group is an industrial redevelopment company specializing in the acquisition and conversion of offline pulp and paper sites into deployment-ready hubs that accelerate time-to-revenue, lower entry CAPEX, and de-risk large-scale industrial investment. Heavy power, rail-and-marine logistics, and fully serviced infrastructure connecting Canadian resources and operators to domestic and global markets.
About Vantage Group
Vantage Group is a global leader in airport and transportation investment, development, management, and advisory services. Since 1994, Vantage’s corporate and network-wide team has managed an award-winning portfolio, building strong partnerships that integrate global expertise and local know-how to solve complex transportation challenges at every network location. Over three decades, Vantage has built a track record of creating customized solutions to transform airports and transportation centers that benefit the passengers, stakeholders, and communities they serve. Vantage is a wholly owned strategic platform of Investcorp Corsair Infrastructure Partners for capital deployment in the airport and transportation sectors. Visit vantagegroup.com to learn more.
Greenwater Ltd. Media Contact:
info@greenwater.ltd
BMI Media Contact:
Olga Patronik
Executive Project Coordinator, BMI
olga@thebmigroup.ca
1-888-264-4258
Vantage Group Media Contact:
Vantage Group Media Relations
media_relations@vantagegroup.com
604-970-3445