What Targray does

Targray is a privately held Canadian commodity trading and distribution company founded in 1987, headquartered in Kirkland (Montreal), Quebec, and operating across more than 50 countries. The company sources, transports, stores, trades, and distributes sustainable commodities and advanced materials across five core business divisions: Biofuels & Feedstock (biodiesel, renewable diesel/HVO, renewable natural gas, bio-LNG, marine biofuels, sustainable aviation fuel, green hydrogen, and renewable feedstock including used cooking oil and animal tallow); Environmental Commodities (carbon credits, carbon offsets, I-RECs, EU ETS allowances, and granular certificates); Battery Materials (cathode materials across NMC/LFP/LMFP/LNMO/NCA chemistries, anode materials, current collectors, electrolyte, binders including proprietary hydrophilic SBR, coated electrodes, packaging materials, and R&D/pilot line equipment); Solar & Energy Storage (solar modules and photovoltaic materials); and Cotton.

The company's core technology centers on a proprietary hydrophilic binder for Li-ion battery electrode fabrication (modified styrene-butadiene copolymer enabling water-based processing, reducing binder usage to 1.5% cathode / 4% anode and eliminating humidity control requirements) and engineered laminated pouch packaging materials in aluminum and stainless steel variants for solid-state battery programs. Targray's distribution infrastructure includes an owned rail fleet, a 30,000-gallon biodiesel terminal on the Mississippi river with 24/7 blending capability, and European tank positions in the Netherlands, Belgium, and Spain.

The business model is primarily transaction-fee based commodity trading and distribution, supplemented by hardware/equipment sales (battery lab and pilot line equipment). Targray serves enterprise B2B customers — biofuel producers, fuel retailers, refiners, fleet operators, battery manufacturers, PV manufacturers, EPCs, and carbon compliance buyers — through direct sales via international trading desks in North America and Europe, supported by regional partner associations across the US (California, Oregon, Minnesota, Chicago). Pricing is quote-based and not publicly disclosed. The company is recognized as one of Canada's Best Managed Companies (Deloitte, 2020, second consecutive year) and achieved FY2019 record sales of nearly $600M USD with a 20% workforce expansion.

Name

Targray

Legal name

Targray Technology International Inc.

Website

https://targray.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Targray is a privately held Canadian sustainable commodities trader and distributor founded in 1987, operating in over 50 countries across biofuels, battery materials, solar, environmental commodities, and cotton for enterprise B2B customers.

Ownership category

akta.pro rank

Product category

Renewable Fuels and Sustainable Commodities Trading

NAICS

Plastics Bag and Pouch Manufacturing (326111), Textile Bag and Canvas Mills (31491), Resin and Synthetic Rubber Manufacturing (32521)

SIC

Plastics Foam Products (3086), Miscellaneous Plastics Products (3080)

akta.pro primary industry

Thermoformed Packaging (Food, Beverage & Consumer Goods) (IMANAHAA)

akta.pro secondary industry

Vegan/Alternative Material Goods Manufacturing (PU/Plant-based/Mycelium) (IMAOAHAH)

Keywords

• Renewable fuels trading
• Battery materials distribution
• Solar photovoltaic supply
• Carbon credit trading
• Sustainable commodity logistics

Headquarters

HQ city

Kirkland

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Commodity Trading and Distribution: Targray generates revenue through the sourcing, transportation, storage, trading and distribution of commodities and advanced materials for sustainable industries. The company operates across multiple segments including biofuels, battery materials, solar materials, and environmental commodities, serving customers in over 50 countries.
2. Terminal and Logistics Services: Revenue derived from operating biodiesel terminals and providing rail fleet logistics services across North America and Europe. The company offers blending, storage, and distribution capabilities through its terminal network.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Targray is a global trader and distributor that sources, transports, stores and resells sustainable commodities and advanced materials across five business divisions: biofuels and feedstock (biodiesel, renewable diesel, renewable natural gas, bio-LNG, marine biofuels, SAF and renewable feedstocks such as used cooking oil and animal tallow); environmental commodities (carbon credits, offsets and I-RECs); battery materials (cathode, anode, electrolyte, binders, foils, packaging and equipment for li-ion cell manufacturers); solar and energy storage materials (modules, polysilicon, wafers, cells); and sustainable cotton.

Product overview

Targray is a global leader in the sourcing, transportation, storage, trading and distribution of commodities and advanced materials for sustainable industries. Since 1987, the company has operated across five core business divisions: (1) Biofuels & Feedstock — encompassing renewable natural gas (RNG), bio-LNG, green hydrogen, renewable diesel, marine biofuel, biodiesel, SAF, and renewable feedstock (used cooking oil, animal tallow, soybean oil); (2) Environmental Commodities — providing carbon credits, carbon trading, and I-RECs; (3) Battery Materials — a comprehensive portfolio covering cathode materials (NMC, LFP/LMFP, LNMO, NCA), anode materials (graphite, silicon, LTO, graphene), current collectors/foils (aluminum, copper, nickel), electrolyte, binders (SBR, PVDF, Hydrophilic), coated electrodes, electrode sheets, packaging materials (tabs, tapes, pouches, cans/lids), and battery equipment (lab, pilot line, glove boxes); (4) Solar & Energy Storage — supplying solar modules, photovoltaic materials, and polysilicon/wafer solutions; and (5) Cotton — sustainable cotton trading across global markets. The company serves customers in over 50 countries with operations spanning North America, Europe, and Asia.

Differentiator

Problem solved

Functional benefit

Products and services

• Biofuels & Feedstock International supply of biodiesel, renewable diesel, renewable feedstock (used cooking oil, animal tallow, soybean oil, corn oil, pyrolysis oil), marine biofuels, SAF, RNG and bio-LNG for fuel retailers, wholesalers, distributors, refiners and fleet operators in the U.S., Europe and Canada.
• Renewable Natural Gas (RNG) Integrated sourcing, supply and distribution of renewable natural gas connecting RNG producers with industrial and municipal end users in North America.
• Renewable Diesel (HVO) Renewable diesel (HVO) supply business distributing hydrotreated vegetable oil fuel to underserved markets across North America and Europe.
• Biodiesel Biodiesel supply and distribution across major U.S. transportation corridors, supported by Targray's rail fleet and 24/7 blending terminals.
• Marine Biofuel Marine biofuel supply solutions for bunker fuel buyers and shipping companies seeking low-carbon fuel alternatives in North America and Europe.
• Sustainable Aviation Fuel (SAF) Sustainable aviation fuel supply solutions supporting aviation industry decarbonization, distributed in partnership with SABA for procurement transparency.
• Renewable Feedstock ISCC-certified renewable feedstock including used cooking oil, animal tallow, corn oil, soybean oil and pyrolysis oil for biodiesel and renewable diesel producers.
• Environmental Commodities Carbon trading and environmental markets division offering spot, forwards, futures, transaction structuring and hedging strategies in EU ETS, carbon credits, offsets and renewable energy certificates.
• Carbon Credits & Offsets Carbon credit and offset products for buyers, including spot trading, forwards, futures, transaction structuring and hedging strategies across compliance and voluntary markets.
• International Renewable Energy Certificates (I-RECs) I-REC trading solutions facilitating renewable electricity claims for clients in renewable electricity markets worldwide.
• Battery Materials Global battery material supply and distribution covering cathode materials, anode materials, electrolyte, binders, foils, packaging, coated electrodes, dry cells and manufacturing equipment for li-ion cell makers and R&D centers.
• Cathode Materials Cathode active materials portfolio including NMC, LFP/LMFP, LNMO and NCA chemistries, plus precursor raw materials (cobalt sulphate, manganese sulphate, nickel sulphate, lithium hydroxide, lithium carbonate).
• Anode Materials Battery-grade anode materials including natural and artificial graphite, silicon anodes, graphene, conductive carbon black additives and lithium titanate (LTO).
• Battery Electrolyte High-performance battery electrolyte solutions produced with LiPF6 salt and a high phosphorous content flame retardant (DMMP).
• Battery Binders SBR, PVDF and hydrophilic binders for cathode and anode electrode manufacturing, with proprietary modified styrene-butadiene copolymer enabling water-based processing instead of NMP solvents.
• Current Collectors / Foils Aluminum, copper and nickel foil current collectors for battery electrodes, including electrodeposited (ED), rolled annealed (RA), roll-clad and ED coated variants.
• Battery Packaging Materials Battery packaging materials including aluminum laminated pouch films, prismatic aluminum cans, cases and lids, battery tabs (aluminum, copper, nickel) and battery-grade laminated tapes.
• Battery Equipment Battery R&D and pilot line equipment including coating machines, slitters, roll presses, notching molds, knife units, friction shafts, notching/stacking machines, glove boxes and battery testing systems.
• Lithium-ion Cells / Dry Cells Dry cells for battery manufacturers, start-ups and R&D labs offered in NCA, LCO, NMC and LNMO cathode chemistries.
• Solar Modules Solar modules including monocrystalline, multicrystalline, bifacial and mono PERC variants for PV manufacturers, solar suppliers, project developers, EPCs, contractors and installers.
• Photovoltaic Materials Photovoltaic materials supply covering raw polysilicon, silicon wafers, solar cells and module manufacturing materials, supported by supply chain financing solutions.
• Cotton Sustainable cotton trading connecting cotton suppliers, traders and end-users in markets across Africa, the Americas, Europe and Asia.

Quantifiable outcome

• Record sales of nearly $600 million achieved in 2019
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• LF BioenergycoreStrategic or Co-development Partner · 1 January 2026Strategic collaboration to supply renewable natural gas (RNG) to markets across Canada. LF Bioenergy is a leading producer of RNG and Targray will distribute their RNG production to Canadian markets.
• RNG CoalitionminorGTM or Marketing Partner · 1 January 2026Targray joined the RNG Coalition, a leading North American industry association dedicated to advancing renewable natural gas and biogas solutions.
• SABA (Sustainable Aviation Buyers Alliance)coreStrategic or Co-development Partner · 1 January 2026Strategic partnership with SABA to support the distribution and transparency of Sustainable Aviation Fuel (SAF) procurement.
• ZeroquminorStrategic or Co-development Partner · 1 January 2025Strategic partnership with Zeroqu, the Netherlands-based digital platform focused on carbon compliance solutions. Targray Environmental Commodities supports Zeroqu clients with European Union Allowances.
• GC Trading Alliance (Granular Certificate Trading Alliance)minorGTM or Marketing Partner · 1 January 2025Partnership with the Granular Certificate Trading Alliance, a collaborative initiative aimed at advancing the trading of granular certificates.
• American Biogas Council (ABC)minorGTM or Marketing Partner · 1 January 2025Membership in the American Biogas Council, the leading trade association representing the U.S. biogas industry.
• California Fuels & Convenience Alliance (CFCA)minorGTM or Marketing PartnerRegional partner association - fuel industry statewide trade association representing independent wholesale and retail marketers of gasoline, diesel, lubricating oils and petroleum products.
• Oregon Fuels AssociationminorGTM or Marketing PartnerRegional partner association representing interests of Oregon's locally-owned fuel stations, fuel distributors and heating oil providers.
• Minnesota Petroleum Marketers Association (MPMA)minorGTM or Marketing PartnerRegional partner association formed in 1923 providing services to the state's petroleum marketers with emphasis on education, regulatory analysis, compliance programs, and member services.
• Chicago Area Clean CitiesminorGTM or Marketing PartnerNonprofit coalition of stakeholders from government, private business, academia, and environmental services working together to promote clean fuels in the Chicago metropolitan area.
• European Bulk Oil Traders' Association (EBOTA)minorGTM or Marketing PartnerEuropean association acting on behalf of members on issues impacting bulk trading of oil liquids, petrochemicals, biofuels, refined products, feedstocks and derivatives in Europe.
• ISCC (International Sustainability and Carbon Certification)coreGTM or Marketing PartnerGlobal certification system for sustainability, traceability and GHG emission savings. Targray obtained ISCC certification in 2014 and has been a corporate member since 2019.
• American Fats and Oils Association (AFOA)minorGTM or Marketing PartnerNon-profit organization fostering trade and commerce within the United States and worldwide for animal, fish, and vegetable fats, oils, and protein.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Cargill: Largest privately-held global commodity trader with significant renewable fuels, agricultural commodity, and sustainability exposure. Comparable as a diversified sustainable commodities platform, though orders of magnitude larger than Targray.
• BASF: Global chemical major with significant battery materials (cathode active materials, electrolyte) operations serving automotive OEMs. Overlaps with Targray's battery materials portfolio, though BASF is a much larger integrated producer.
• Umicore: Belgian materials technology company with a leading battery cathode materials business serving major cell manufacturers. Comparable to Targray's cathode materials (NMC, LFP) and recycling-related offerings.
• Louis Dreyfus Company: Global commodity merchant and processor with cotton, grains, oilseeds, and biofuels exposure. Comparable to Targray's diversified commodity trading model, particularly its cotton and biofuel feedstock segments.
• Trafigura: Swiss-based global commodity trader with strong biofuels, renewable feedstocks, and metals/minerals operations. Comparable to Targray's biofuels feedstock and emerging battery materials distribution activities.
• Glencore: Largest publicly-listed commodity trader with significant cobalt, copper, zinc, and oil/biomass operations. Overlaps with Targray's battery materials (cobalt/nickel precursors) and biofuels trading activities at scale.

Direct peers

• Vitol: Private global energy and commodity trader with strong renewables/biofuels trading operations and a physical distribution footprint. Highly comparable to Targray's biofuels & feedstock and environmental commodities divisions.
• Neste: World leader in renewable diesel (HVO), SAF, and renewable feedstock. Comparable to Targray's renewable diesel, SAF, and feedstock trading operations, though Neste is a vertically integrated producer rather than primarily a distributor.
• Renewable Energy Group (REG, now Chevron): Major biodiesel and renewable diesel producer/distributor serving U.S. and European fuel markets. Directly comparable to Targray's biofuels & feedstock segment with overlapping customer base (fuel retailers, distributors, refiners).
• World Energy: Leading biofuels and renewable fuels supermajor-affiliated supplier with biodiesel, renewable diesel, and SAF operations. Directly comparable to Targray's renewable fuels distribution and feedstock trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/targray
• YouTubeyoutube.com/targray
• Facebookfacebook.com/targray
• LinkedInlinkedin.com/company/targray
• Instagraminstagram.com/targray_company

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Targray