GUUD Finance inks working capital deal with Australian biofuels producer
Singapore-based GUUD Finance has signed a working capital agreement with Australian renewable fuel producer Just Biodiesel, marking the trade technology company’s first foray into green energy.
The two companies signed a short-term US$4mn working capital agreement on May 5, which will see GUUD Finance support the process of purchasing raw materials, converting those into fuel and selling the end product on.
“GUUD Finance takes on a trader role where we will be both a principal and source of working capital in the purchase of tallow, conversion of tallow to biodiesel, and sale of biodiesel, in partnership with Just Biodiesel,” a spokesperson for the company tells GTR.
GUUD Finance, part of a group of companies launched by vCargo Cloud in September 2020, says it plans to help more businesses gain access to trade finance “and to drive greater sustainability through the intelligent financing of green products and services such as biodiesel”.