Aviation news analysis
50 SKY SHADES - World aviation news

Air BP and BP Ventures announce investment of $30 million in biojet producer, Fulcrum

Download: Printable PDF Date: 08 Nov 2016 15:11 categories:
Publisher:
Air BP and BP Ventures announce investment of $30 million in biojet producer, Fulcrum - Finance publisher
Tatjana Obrazcova
Aircraft: Airplanes

BP announced the creation of a strategic partnership between its BP Ventures and Air BP businesses with Fulcrum BioEnergy, a pioneer in the development and production of low-carbon jet fuel, in which BP will invest $30 million.

As an equity investor, BP has secured a 10 year offtake agreement with Fulcrum for 50 million US gallons per year, from their plants under development across North America. In addition, as a preferred supply chain partner, Air BP will distribute and supply biojet into aircraft at key hubs across North America.

”We have a deep understanding of our customers’ challenges to achieve their lower carbon goals. This agreement gives Air BP guaranteed access to product which will help meet these challenges,” said Jon Platt, CEO, Air BP. “Securing this supply helps secure the future competitiveness of Air BP, and our place as a leader in the industry.”

“We’re excited to be entering into this multi-faceted strategic relationship with BP, a recognized leader in the supply of fuel products and services to the global aviation industry,” said E. James Macias, Fulcrum’s President and Chief Executive Officer. “This partnership will accelerate Fulcrum’s ability to produce and deliver low-carbon, low-cost jet fuel from Fulcrum plants located across North America to our commercial and military aviation customers,” added Macias.

Fulcrum has developed and demonstrated a reliable and efficient process for producing low-cost, sustainable biojet from municipal solid waste (MSW). The company has secured long-term access to large volumes of MSW feedstock and is actively developing its plan to build waste-to-fuel plants in North America, initially, with growth potential around the world. Fulcrum’s first plant is currently under construction.

“BP is committed to supporting a transition to a lower carbon economy,” said Tufan Erginbilgic, CEOof BP’s downstream segment. “With support from two of Air BP’s strategic customers, Cathay Pacific Airways and United Airlines, Fulcrum is well advanced in its goal to produce and supply scalable biojet, and BP is excited by the opportunities that this partnership offers.”

See original image



Loading comments for Air BP and BP Ventures announce investment of $30 million in biojet producer, Fulcrum...


Recommended

Sky Atlas: Heading to Geneva

Sky Atlas, provider of flight support & OPS for business aviation in Russia and CIS, will participate in European Business Aviation Convention & Exhibition(EBACE ‘2018) in Geneva in the...

Embraer Makes EBACE Debut of Phenom 300E - new model of world’s most-delivered light business jet for past 6 years

Embraer will debut the new Phenom 300E business jet at the European Business Aviation Conference and Exhibition (EBACE) in Geneva, Switzerland, from May 29 to May 31. The new light jet model was launc...

Kopter announces Garmin G3000H for Baseline of SH09 Helicopter

Kopter Group AG is proud to announce that the newly launched Garmin G3000H will be integrated into the SH09 single turbine helicopter from first deliveries. To benefit operators and owners alike, t...

New Advanced Vertical Lift Center Showcases Bell’s Innovative Flight Solutions

The location offers demonstrations and expertise on how new aviation technology can deliver solutions for customers’ most pressing mission demands Bell Helicopter opened its new Advanced...