COME BY CHANCE REFINERY (NOW BRAYA RENEWABLE FUELS) INTRODUCES NEW EXECUTIVE TEAM

COME BY CHANCE, NL, Feb. 9, 2022 /PRNewswire/ - Braya Renewable Fuels is pleased to announce the new senior leadership team for its Come By Chance refinery facility in Newfoundland and Labrador, adding Frank Almaraz as Chief Executive Officer, Jim Stump as President, Josh Bailey as Chief Commercial Officer, and Luigi Trigilio as Vice President of Logistics.

Cresta Fund Management, a Dallas, Texas-based private equity fund, acquired a controlling interest in the refinery in late-2021 and has been working to build the senior leadership team and convert the facility to renewable diesel and sustainable aviation fuel service with initial nameplate production capacity of 18,000 barrels per day and planned commercial operations in the second half of 2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell renewable products into the United States, Canada, and Europe.

"We are pleased with the Braya leadership team additions," said Chris Rozzell, Cresta's Managing Partner. "Braya's new team members bring decades of energy experience and will supplement the excellent team already in place at the Come By Chance refinery.  We are thrilled to see this world-class facility come online as it will provide a critical pathway to decarbonization for existing diesel and jet fuel consumers."

"We are extremely excited about the future of the renewable fuel industry and the role Braya will play in this fast-growing space. The Come By Chance refinery and leadership team is well positioned to serve as a cornerstone asset to allow Braya to become a leader in renewable fuel production," said Braya Chief Executive Officer Frank Almaraz. "We are proud to provide safe and sustainable jobs for the community of Come By Chance and the province of Newfoundland and Labrador, supported by a strong working relationship with the refinery's unions and employees who have been Braya's biggest asset in the ongoing refinery conversion process. We are confident that the Come By Chance Refinery will become one of the world's premier renewable fuels facilities for decades to come."

Recent additions to Braya's leadership team include:

FRANK ALMARAZ – Chief Executive Officer
Frank is a seasoned energy executive with extensive experience leading sustainable energy transitions and organizational transformations at large electric and gas utilities. He joins the team from CPS Energy where he served most recently as its Chief Energy & Sustainability Officer. Frank is focused on establishing Braya as a leader in renewable fuels, and on profitable growth of the company as it scales to meet the rapidly growing decarbonization needs of the global transportation sector.

JOSH BAILEY – Chief Commercial Officer
Josh is the former CEO of Eco-Energy Global Biofuels, located in Franklin, Tennessee. He built his career as a leader at Eco-Energy over 14 years, driving Eco's growth from an early entrant in ethanol marketing to a multi-commodity trading, logistics, and distribution company. Josh will focus on building the commercial capabilities and team that will maximize the value of Braya's low carbon fuel platform.

JIM STUMP – President of Refining
Mr. Stump has over 30 years of refining experience across operational and leadership roles at sites across the United States. Prior to joining the Braya team, Jim most recently pioneered the successful conversion of the HollyFrontier Cheyenne refinery to renewable diesel operations. He is committed to safety and quality across the operations he supervises and will ensure that Braya Renewable Fuels sees safe and efficient results as it transitions toward producing renewable fuels.

LUIGI TRIGILIO – Vice President of Logistics
Luigi Trigilio has over 15 years of experience in the energy, petrochemical and renewable fuels space and has led logistics, chartering and supply chain efforts for a variety of major industry participants. Luigi most recently led marine operations at Pilot where he managed all vessel chartering for clean and specialty products and structured commercial arrangements for procurement of feedstocks and delivery of finished products. Luigi will enable Braya to utilize a world-class logistics operation for its feedstocks and products.

About Braya Renewable Fuels
Braya Renewable Fuels owns and operates the Come By Chance Refinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operation. The refinery has been renamed Braya Renewable Fuels, after the rare and beautiful Newfoundland and Labrador braya flower. The refinery is strategically located to deliver fuels to a variety of end markets and has a successful ~50-year operating history as a conventional fuels refinery. The refinery plans to produce renewable diesel and sustainable aviation fuel, which help decarbonize sectors—heavy road transport and aviation—that are key to economic activity and have few other near-term, executable decarbonization solutions.

About Cresta Fund Management
Cresta Fund Management is a growth-oriented, middle market-focused private equity firm with over $1 billion of assets under management that invests in sustainable and conventional energy, industrial, materials, and agricultural infrastructure. Founded in 2016 and based in Dallas, Texas, Cresta's team has a strong operational history, with decades of combined development, engineering, commercial, trading, legal and financial experience in the infrastructure industry, and its founding partners have worked together as a team since 2007. For more information, please visit: www.crestafunds.com.

SOURCE Braya Renewable Fuels