Targray
Celebrating 40 years in business, Targray has built a global reputation as a leading trader of sustainable commodities while remaining proudly Canadian at its core. Headquartered in Kirkland, Quebec, the family-owned company has grown from its Montreal roots into an international organization with trading desks across North America, Europe, the Middle East and Asia. Today, Targray supports renewable fuel markets worldwide through its expertise in renewable natural gas (RNG), biodiesel, renewable diesel, sustainable aviation fuel (SAF), marine biofuels, battery materials, solar supply chains, and environmental credit markets.
As Canada’s largest trader of Clean Fuel Regulations (CFR) credits, Targray has developed a unique combination of commercial and regulatory expertise that helps renewable fuel producers navigate increasingly complex compliance markets. While the company has been involved with Canada’s CFR program since before its implementation, it has expanded its RNG business significantly over the past three years as market opportunities have grown on both sides of the Canada–U.S. border.
For the biogas and RNG sector, Targray provides much more than commodity trading. The company works with project developers from the earliest stages by modelling carbon intensity (CI) scores and assessing how projects may qualify under different regulatory frameworks. Once facilities begin producing RNG, Targray supports producers through lifecycle assessment (LCA) modelling, verification, compliance management, and offtake solutions, helping determine which markets will deliver the strongest returns. Because each project’s feedstock, location and regulatory eligibility differ, Targray helps producers identify the optimal destination for their RNG rather than assuming a one-size-fits-all approach. Andrew Richardson, Targray’s President and CEO shares that “We help producers avoid leaving money on the table. The real value in RNG production, once you are producing, is optimal market selection, correct CI treatment, and optimal attribute handling.”
What distinguishes Targray is its ability to bridge the realities of both Canadian and U.S. markets. The company’s team includes experts with firsthand knowledge of the Clean Fuel Regulations, allowing clients to navigate complex compliance requirements with confidence. By combining deep regulatory expertise with longstanding relationships across North America’s compliance markets, Targray helps producers maximize project value while avoiding costly delays or missed market opportunities.
Targray works with RNG projects throughout Canada and the United States and has established itself as a leader in facilitating cross-border RNG transactions. The company recently highlighted its collaboration with U.S.-based LF Bioenergy as an example of the growing opportunities available to producers seeking access to Canadian compliance markets. “For U.S. producers, Canada can be a very attractive market, but it is not a simple “sell gas and forget it” market. You need the right import structure, documentation, CI pathway, attribute chain, compliance strategy, and buyer network. That is where Targray can help. We understand both sides: the U.S. producer reality and the Canadian compliance-buyer reality.” says Richardson.
Looking ahead, Targray sees a strong future for the RNG sector across North America. Continued policy support in the United States is expected to drive further market growth. In Canada, they anticipate further government measures that recognize RNG’s significant climate benefits, particularly its ability to reduce methane emissions from agricultural and landfill sources while displacing fossil fuels. Among the renewable products Targray works with, the company believes RNG offers some of the greatest potential for meaningful greenhouse gas reductions.
Joining the Canadian Biogas Association was a natural fit for Targray. As a Canadian company committed to advancing the RNG sector, Targray values the Association’s leadership in regulatory advocacy and collaboration with government. Through its membership, the company looks forward to supporting the continued growth of Canada’s biogas and RNG industry while helping producers unlock the full value of their projects.
