Tidewater is expected to reach a final investment decision on its proposed sustainable aviation fuel (SAF) project in the second half of 2025, marking a pivotal moment for clean aviation in Canada.

Tidewater Renewables Ltd. released its fourth quarter financial results on March 27. It reported that its biorefinery in Prince George, British Columbia, operated at 88% capacity last year. A final investment decision on the company’s proposed sustainable aviation fuel (SAF) project is expected by year-end. 

Tidewater began commercial operations at its renewable diesel and renewable hydrogen (HDRD) complex during the final quarter of 2023. The HDRD complex achieved a daily throughput of 2,677 barrels per day during the fourth quarter of 2024, representing a utilization rate of 89%, up from 1,700 barrels per day, or 57%, during the same period of 2023.

For 2024, Tidewater reported that significant improvements in throughput and reliability at the HDRD complex allowed the facility to achieve an average daily throughput of 2,643 barrels per day, equating to a utilization rate of 88%. Since the biorefinery began operations in November 2023, it has produced and sold more than 170 million liters (44.91 million gallons) of renewable diesel into the local British Columbia market. 

Tidewater has proposed to develop 6,500 barrels per day of SAF capacity at the Prince George biorefinery. The company said it has made meaningful progress on the front-end engineering design work for the proposed SAF project and expects to make a final investment decision during the second half of 2025.

Tidewater reported a fourth quarter net loss of $3.4 million, compared to a net loss of $12.7 million during 2023. Adjusted EBITDA was $6 million, down 44% compared to the fourth quarter of 2023.

For 2024, Tidewater reported a net loss of $357.8 million, compared to $41 million for 2023. Adjusted EBITDA was $74.5 million, up 62% compared to the previous year. 

During a fourth-quarter earnings call, company officials discussed policy changes and company actions that aim to improve the Canadian market for renewable diesel. In late 2024, Tidewater filed a countervailing (anti-subsidy) and anti-dumping duty complaint with the Canada Border Services Agency. The complaint alleged that unfairly traded renewable diesel imports from the U.S. significantly undermined the Canadian industry. In response to that complaint, CBSA on March 6 announced it is initiating investigations into alleged dumping and subsidizing of renewable diesel from the U.S. 

Tidewater has also spoken out in support of action taken by the government of British Columbia earlier this year to update the law governing its Low Carbon Fuels Standard. The updates will require eligible renewable fuels to be produced in Canada and boost the renewable content requirements for diesel. 

The week after Tidewater issued its fourth-quarter earnings release, the company announced that a minor fire occurred at the HDRD complex on April 1. According to a statement released by Tidewater, no injuries were reported, and the incident appeared to cause minimal damage. No additional information has yet been released. 

SAF Is Taking Off — Will You Be Ready When the Market Does?

Tidewater’s anticipated 2025 investment decision signals accelerating momentum in Canada’s sustainable aviation fuel industry. However, building scalable, clean SAF capacity takes more than capital; it takes proven technology and trusted partners.

Klean Industries Is Your SAF Innovation Partner:

✅ Tire-derived oils and renewable feedstocks for SAF production
✅ Integration of pyrolysis and hydrogen technologies
✅ Circular carbon tracking through KleanLoop™
✅ Real-world project execution aligned with global SAF targets

Partner with Klean Industries to develop clean fuel infrastructure and join the race to lead sustainable aviation in North America » GO.