ExxonMobil has acquired a nearly 50% stake in Biojet AS, a Norwegian biofuels company that uses wood-based construction waste as a feedstock.

Biojet AS plans to develop up to five facilities to produce the biofuel, with commercial production set to begin in 2025. ExxonMobil will purchase up to 3 million barrels of biofuel per year, and receives a 49.9% stake in the company.

“The agreement with Biojet AS advances ExxonMobil’s efforts to provide lower-emissions products for the transportation sector,” said Ian Carr, president of ExxonMobil Fuels and Lubricants Company.