Top 10 Biofuel Companies | Generates Quality Fuels

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Jun 10, 2024

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Biofuel Market Overview

Biofuel, derived from organic materials like crops, vegetable oils, and animal waste, provides renewable alternatives to traditional fossil fuels.

Ethanol, biodiesel, and biogas are common, offering reduced greenhouse gas emissions and enhancing energy security.

However, challenges include land use conflicts, resource intensity, and the need for technological advancements.

Despite these obstacles, biofuels present promising opportunities for mitigating climate change and promoting sustainable development, contingent upon supportive policies and continued innovation in production processes.

Market Drivers

Increasing concerns about climate change and the imperative to cut greenhouse gas emissions are driving the global biofuel market.

Biofuels also enhance energy security by lessening reliance on imported fossil fuels, a boon for countries aiming for greater energy independence.

Government regulations mandating and incentivizing biofuel use, alongside advancements in production technologies, especially second and third-generation biofuels, further propel market expansion.

Additionally, rising consumer awareness and preference for sustainable fuel options boost biofuel adoption.

In sum, these factors fuel the biofuel market’s growth trajectory, with sustained expansion anticipated in the foreseeable future.

Market Size

The Global Biofuels Market is projected to reach approximately USD 276 billion by 2032, up from USD 120.4 billion in 2023, with a forecasted compound annual growth rate (CAGR) of 8.90% from 2023 to 2032.

List of Major Companies

These are the top ten companies operating in the Biofuel Market:


Company Overview

Establishment Year1902
HeadquarterChicago, Illinois, U.S.
Key ManagementJuan Luciano (CEO)
Revenue (US$ Bn)$ 93.9 Billion (2023)
Headcount~ 41,802 (2023)

About ADM

ADM, a global biofuel industry leader, is expanding its presence with plans to build a new biodiesel facility in Lloydminster, Alberta, Canada, increasing its North American production capacity by 50%.

Furthermore, ADM is constructing North Dakota’s inaugural soybean crushing plant and refinery, worth around $350 million, to cater to the rising demand for eco-friendly products.

These initiatives aim to boost ADM’s renewable diesel and biodiesel output, fostering environmental sustainability and driving substantial economic gains.

These strategic investments in refining and storage capacities underscore ADM’s commitment to meeting the escalating demands of the biofuel market.

Geographical Presence

ADM, also known as Archer Daniels Midland Company, has a strong worldwide presence in North America, Europe, Asia-Pacific, and South America.

In North America, it’s heavily involved in grain processing and distribution in the US and Canada. In Europe, ADM is established in the UK, Germany, France, and the Netherlands to meet varied market demands.

Expanding into Asia-Pacific, it operates in China, Singapore, and Australia to meet increasing demand for agricultural products.

In South America, particularly Brazil and Argentina, ADM utilizes abundant resources for soybean processing and ethanol production.

This global reach allows ADM to efficiently serve diverse markets and leverage emerging opportunities in the agriculture and food sectors.

Recent Developments

  • In March 2024, ADM donated $1 million to aid initiatives in Latin America and Southeast Asia.  
  • In May 2021, ADM revealed intentions to construct North Dakota’s inaugural soybean crushing plant and refinery to meet the escalating demand from various sectors, including food, feed, industry, and biofuel, particularly renewable diesel producers.


Company Overview

Establishment Year1882
HeadquarterSpring, Texas, U.S.
Key ManagementDarren Woods (Chairman & CEO)
Revenue (US$ Bn)$ 344.6 B (2023)
Headcount~ 61,500  (2023)

About ExxonMobil

ExxonMobil is intensifying its presence in the biofuel sector to help curb greenhouse gas emissions in transportation.

Recently, it acquired a 49.9% stake in Biojet AS, a Norwegian company that transforms forestry and wood-based waste into greener biofuels.

This investment aligns with ExxonMobil’s ongoing pursuit of sustainable energy solutions. Additionally, the company expanded its agreement with Global Clean Energy to purchase up to 5 million barrels of renewable diesel annually from a California biorefinery.

These strategic actions underscore ExxonMobil’s dedication to advancing lower-emission technologies, such as carbon capture and storage and ramping up the production of advanced biofuels like algae-based fuels, with a target of reaching 10,000 barrels per day by 2025.

Geographical Presence

ExxonMobil has a significant global presence across North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

In North America, it’s prominent in the US and Canada, especially in Texas and Alberta. Europe operations cover refineries and exploration in the UK and Germany.

In the Asia-Pacific, countries like Australia and Indonesia are key and involved in both upstream and downstream activities.

The Middle East and Africa focus on exploration, production, and LNG projects in Qatar, Nigeria, and Angola.

In Latin America and the Caribbean, Brazil and Guyana are central, particularly in offshore oil and gas. This broad presence cements ExxonMobil’s standing in the oil and gas sector, offering access to diverse markets and resources.

Recent Developments

  • In January 2022, ExxonMobil purchased a 49.9% share in Biojet AS, a Norwegian firm specializing in converting forestry and wood-based construction waste into biofuels with reduced emissions.
  • In April 2021, ExxonMobil and Global Clean Energy extended their five-year deal, allowing ExxonMobil to buy renewable diesel of up to 5 million barrels annually.


Company Overview

Establishment Year1907
HeadquarterLondon, England
Key ManagementWael Sawan (CEO)
Revenue (US$ Bn)$ 316.6 Billion (2023)
Headcount~ 90,000 (2023)

About Shell

Shell plc is significantly advancing its biofuel initiatives to support the global energy transition and reduce carbon emissions.

Recently, Shell decided to build one of Europe’s largest biofuels facilities at the Shell Energy and Chemicals Park in Rotterdam.

This facility will produce 820,000 tonnes of sustainable aviation fuel (SAF) and renewable diesel annually, helping to decarbonize the transportation sector.

Additionally, Shell has introduced a 100% renewable race fuel for the NTT INDYCAR Series, made from second-generation ethanol derived from sugarcane waste.

This initiative aligns with Shell’s broader commitment to investing $10-15 billion in low-carbon energy solutions by 2025, including biofuels, hydrogen, and carbon capture technologies​​​​​​​​​​​​.

Geographical Presence

Shell plc maintains a strong global presence across Europe, North America, Asia-Pacific, Africa, the Middle East, and Latin America.

In Europe, Shell runs refineries, distribution networks, and retail stations, drawing on its historical ties to the Netherlands and the UK.

In North America, it conducts exploration, production, refining, and retail services. Across Asia-Pacific, Shell invests in infrastructure to meet rising energy demands, especially in China and India.

In Africa and the Middle East, it operates in oil-rich nations like Nigeria and Oman. Latin America is also a significant region for Shell, with operations in Brazil, Argentina, and Mexico.

This broad geographic scope reflects Shell’s commitment to providing reliable energy solutions amid diverse regulatory landscapes.

Recent Development

  • In January 2024, Shell agreed to sell its Nigerian onshore subsidiary to Renaissance.
  • In February 2023, Shell completed the acquisition of Nature Energy, advancing its aim to create a global integrated RNG value chain and broaden its low-carbon offerings across multiple sectors.


Company Overview

Establishment Year1879
HeadquarterSan Ramon, California, U.S.
Key ManagementMike Wirth (Chairman and CEO)
Revenue (US$ Bn)$200.9 Billion (2023)
Headcount~ 45,600 (2023)

About Chevron

Chevron Corporation is actively bolstering its biofuel endeavors to promote a greener future. With its acquisition of Renewable Energy Group (REG) in 2022, Chevron significantly increased its renewable fuel capabilities.

This move has facilitated over 50 successful biofuel deliveries to maritime clients in Singapore, demonstrating Chevron’s commitment to reducing greenhouse gas emissions in transportation.

Additionally, Chevron has joined the Global Centre for Maritime Decarbonisation to advance low-carbon shipping solutions.

Beyond maritime biofuels, Chevron is collaborating with partners to explore sustainable aviation fuel (SAF) production from renewable sources.

These strategic initiatives highlight Chevron’s commitment to expanding its renewable energy portfolio and supporting global decarbonization efforts.

Geographical Presence

Chevron Corporation’s global operations span North America, Latin America, the Asia-Pacific region, Europe, the Middle East, and Africa.

In North America, it focuses on key energy-producing regions such as the Permian Basin and Alberta’s oil sands.

Latin American operations include Brazil, Argentina, and Venezuela. In the Asia-Pacific region, Chevron is active in Australia and Kazakhstan, where it has major LNG projects and oil fields.

Europe sees its presence in the United Kingdom and Norway, while operations in Africa extend to Nigeria and Angola.

Chevron’s diverse geographical footprint underscores its commitment to global energy markets and alignment with industry trends.

Recent Development

  • In March 2024, Bunge and Chevron approved a joint venture to build a new oilseed processing plant near their current Gulf Coast facility in Destrehan, LA.
  • In February 2024, Chevron created a 5-megawatt hydrogen production project in California’s Central Valley.


Company Overview

Establishment Year1909
HeadquarterLondon, England, UK
Key ManagementHelge Lund (Chairman)
Revenue (US$ Bn)$210.1 B (2023)
Headcount~ 70,000 (2023)

About BP

BP plc is significantly expanding its biofuel activities to support the global transition to lower-carbon energy.

Recently, BP acquired Archaea Energy, a leading U.S. biogas company, for $4.1 billion. This acquisition enhances BP’s biogas production capabilities and supports its ambition to achieve net-zero emissions by 2050.

Additionally, BP invested $10 million in WasteFuel, a California-based biofuels startup, to develop bio-methanol from municipal and agricultural waste.

This investment is aimed at decarbonizing the shipping sector by providing a sustainable alternative to traditional fuels.

BP’s strategy involves scaling up biofuel production to 100,000 barrels per day by 2030, reinforcing its commitment to creating a more sustainable energy future​​​​​​​​​​.

Geographical Presence

BP plc operates in 70+ countries worldwide across Europe, North America, Asia-Pacific, the Middle East, Africa, Latin America, and the Caspian Sea region.

In Europe, it’s involved in exploration, production, refining, and marketing. In North America, including the US and Canada, BP has significant assets in oil and gas production, refineries, and retail stations.

It invests in renewable energy projects in markets like China and India and engages in exploration and production in the Middle East, Africa, and Latin America.

BP’s commitment to diverse hydrocarbon resources is evident in its presence in the Caspian Sea. Through global trading hubs in London, Houston, and Singapore, BP efficiently manages trading and supply chains for global markets.

Recent Developments

  • In January 2023, BP completed the acquisition of Archaea Energy, a renewable natural gas (RNG) company based in Texas.
  • In October 2022, BP purchased the US renewable natural gas (RNG) producer Archaea Energy for around $4.1 billion.


Company Overview

Establishment Year2008
HeadquarterCourbevoie, France
Key ManagementCatherine MacGregor (CEO)
Revenue (US$ Bn)$ 89.3 Billion (2022)
Headcount~  97,297 (2022)

About Engie

Engie SA is actively expanding its presence in the biofuel sector as part of its broader strategy to achieve net-zero carbon emissions by 2045. The company has been focusing on the development and scaling of biogas and biomethane projects.

Recently, Engie has invested heavily in innovative technologies to convert biowaste into renewable gases, which are crucial for decarbonizing hard-to-abate sectors like heavy industry and transportation.

In 2023, Engie also highlighted its commitment to bioenergy through various pilot projects and the deployment of sustainable biofuel technologies, positioning itself as a key player in the transition to cleaner energy solutions​​​​​​.

Geographical Presence

Engie SA, headquartered in France, boasts a global presence across Europe, North America, Asia, Africa, and Latin America.

With a focus on renewable energy and sustainable solutions, Engie operates in key markets such as France, Belgium, the Netherlands, Germany, the United States, Canada, and emerging economies worldwide.

Leveraging its expertise, Engie drives innovation and contributes to the energy transition by providing clean energy solutions and infrastructure development.

Through strategic investments and partnerships, Engie remains a prominent player in shaping the future of the energy sector on a global scale.

Recent Developments

  • In March 2024, ENGIE invested in WASE, a UK-based company specializing in technology that enhances methane production from biomass by up to 30%, including from untreated waste sources.
  • In March 2024, Burges Salmon, a UK law firm, assisted ENGIE in acquiring Rainbarrow Farm, known for its innovative anaerobic digestion capabilities.


Company Overview

Establishment Year1948
HeadquarterEspoo, Finland
Key ManagementMatti Lehmus (CEO)
Revenue (US$ Bn)$ 24.8 Billion (2022)
Headcount~ 5,942 (2022)

About Neste

Neste Corporation is actively driving progress in the biofuel industry to tackle climate change and advance sustainability.

Recently, the company issued a EUR 600 million green bond to support eco-friendly projects, highlighting its strong commitment to sustainable development.

Updating its Green Finance Framework ensures future financing adheres to the latest market standards. Collaborations with LyondellBasell, Biofibre, and Naftex aim to introduce bio-based polymers to the construction sector, cutting carbon footprints.

Additionally, Neste maintains its leadership in renewable diesel production refining processes for enhanced efficiency and sustainability.

These efforts align with Neste’s broader goal of achieving carbon-neutral production by 2035, significantly reducing greenhouse gas emissions.

Geographical Presence

Neste Corporation, headquartered in Espoo, Finland, has a significant global presence across Europe, North America, and Asia.

In Europe, it operates refineries and distribution networks, serving key markets in the European Union. In North America, Neste has made strategic investments to cater to the increasing demand for renewable fuels, operating in the United States and Canada.

In Asia, particularly in Singapore, Neste addresses sustainability challenges and supports emerging markets’ needs.

Overall, Neste’s geographical footprint reflects its commitment to driving sustainability and innovation on a global scale.

Recent Developments

  • In May 2024, Neste Corporation teamed up with VTTI to supply sustainable aviation fuel to European customers.
  • In May 2024, Neste Corporation inked a deal with Singapore Airlines to provide 1,000 metric tons of pure Neste MY Sustainable Aviation Fuel.


Company Overview

Establishment Year1972
HeadquarterStavanger, Norway
Key ManagementAnders Opedal (CEO)
Revenue (US$ Bn)$ 90.9 Billion (2021)
Headcount~ 21,126 (2021)

About Equinor

Equinor ASA is expanding its role in the biofuel sector as part of its broader energy transition strategy.

With a pledge to allocate more than half of its annual capital expenditure to renewables and low-carbon solutions by 2030, the company recently unveiled a $23 billion investment in offshore wind projects from 2021 to 2026.

Moreover, Equinor has acquired full ownership of the Empire Wind projects in the U.S. through a swap with BP, bolstering its renewable energy portfolio.

Alongside significant exploration endeavors leading to multiple commercial finds, Equinor is also investing in carbon capture and storage projects to mitigate emissions.

These efforts underscore Equinor’s commitment to spearheading the energy transition while striving for sustainable growth and reduced carbon emissions.

Geographical Presence

Equinor ASA, a major energy firm headquartered in Norway, has a strong global presence. In Europe, it operates extensively in Norway’s Continental Shelf and the UK’s North Sea, focusing on oil, gas, and offshore wind projects.

In North America, Equinor is active in the Gulf of Mexico for oil and gas exploration and is a key player in the US offshore wind sector.

The company also operates in emerging markets like Brazil and Asian countries like South Korea, where it pursues both traditional and renewable energy projects.

This diverse footprint underscores Equinor’s commitment to balancing hydrocarbon activities with a growing renewable energy portfolio, establishing its prominence in the global energy market.

Recent Development

  • In March 2024, Equinor’s 531 MW Mendubim solar plant in Brazil commenced operations.
  • In March 2024, Equinor purchased 15 new helicopters from Bell and Leonardo for passenger transport on the Norwegian continental shelf (NCS).


Company Overview

Establishment Year1980
HeadquarterSan Antonio, Texas, United States
Key ManagementLane Riggs (CEO)
Revenue (US$ Bn)$ 144.8 Billion (2023)
Headcount~ 9,908 (2023)

About Valero Energy

Valero Energy Corporation is advancing in the biofuel sector, notably through its Diamond Green Diesel (DGD) joint venture with Darling Ingredients.

DGD, a key player in renewable diesel production, has expanded its capacity to 1.2 billion gallons annually, with the Port Arthur, Texas plant crucial to this growth.

Valero is also developing a sustainable aviation fuel (SAF) project at this site, aiming to upgrade half of its production capacity to SAF by 2025.

Increased earnings and production volumes in its ethanol segment, alongside notable growth in renewable diesel sales, highlight Valero’s dedication to sustainability and carbon emissions reduction through strategic investments.

Geographical Presence

Valero Energy Corporation maintains a significant geographical presence across North America, Europe, and the Caribbean.

In North America, the company operates multiple refineries strategically located in key regions such as Texas, Louisiana, California, and the Midwest, enabling efficient domestic market service.

Internationally, Valero extends its reach into Europe through the Pembroke Refinery in Wales, United Kingdom, one of the largest and most complex refineries in the region.

Additionally, Valero operates the Aruba Refinery in the Caribbean, enhancing its refining capabilities and serving regional markets.

This expansive presence underscores Valero’s commitment to meeting diverse energy needs and maintaining operational excellence on a global scale.

Recent Developments

  • In January 2023, Valero Energy Corporation and Darling Ingredients Inc. announced intentions to invest in a Sustainable Aviation Fuel (SAF) project.
  • In October 2023, Valero Energy Corporation planned to run its 14 refineries at a maximum of 95% capacity, reaching a total production potential of 3.2 million barrels per day.


Company Overview

Establishment Year2005
HeadquarterDouglas County, Colorado, U.S.
Key ManagementDr. Patrick Gruber (CEO)
Revenue (US$ Bn)$ 17.2 Million (2022)
Headcount~ 101 (2022)

About Gevo

Gevo, Inc. is advancing in the biofuel industry, particularly in sustainable aviation fuel (SAF) and renewable chemicals.

In 2023, it partnered with LG Chem to develop bio-propylene using its Ethanol-to-Olefins (ETO) technology, aiming for eco-friendly alternatives to petroleum-based products.

Gevo has also secured agreements for 375 million gallons per year of SAF and hydrocarbon fuel with major airlines like Delta, American, and British Airways.

Its Net-Zero 1 (NZ1) project in South Dakota targets producing around 55 million gallons per year of SAF by 2025, while renewable natural gas (RNG) projects in Iowa are expected to yield substantial revenue from environmental credits.

These efforts demonstrate Gevo’s commitment to expanding its renewable energy portfolio and achieving growth in the biofuel market.

Geographical Presence

Based in Englewood, Colorado, Gevo, Inc. is a global leader in renewable chemicals and advanced biofuels.

While its main operations are in North America, specifically the Midwest and West Coast of the United States, Gevo is also expanding globally.

It’s actively entering markets in Europe, Asia-Pacific, and Latin America, forming partnerships to promote sustainability.

Gevo’s global expansion reflects its commitment to reducing carbon emissions worldwide. Positioning it as a pivotal player in the shift toward renewable energy.

Recent Developments

  • In April 2023, LG Chem, Ltd. and Gevo partnered to produce bio-propylene for renewable chemicals, utilizing Gevo’s Ethanol-to-Olefins (ETO) technology.
  • In October 2022, Gevo announced 375 million gallons per year of mostly take-or-pay, financeable SAF and hydrocarbon fuel supply contracts.
Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a tech blogger that frequently contributes to numerous industry-specific magazines and forums. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and in raising a general awareness of technical know-how. When he’s not ruminating about various happenings in the tech world, he can be usually found indulging in his next favorite interest - table tennis.