BP partners with sustainable jet fuel producer, Fulcrum; invests $30 mn

BP partners with sustainable jet fuel producer, Fulcrum; invests $30 mn

8:17 AM, 9th November 2016
E James Macias, president and CEO of Fulcrum (left), signs agreement with David Gilmour, vice president technology, Commercialisation and Ventures, BP Ventures.
E James Macias, president and CEO of Fulcrum (left), signs agreement with David Gilmour, vice president technology, Commercialisation and Ventures, BP Ventures.

LONDON, UK: BP plc has made a strategic partnership among its BP Ventures and Air BP (the aviation division of BP) businesses with Fulcrum BioEnergy, a leader 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 gallons per year from their plants under development across North America. In addition, as an ideal supply chain partner, Air BP will distribute and supply biojet into aircraft at key hubs across North America.

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 expects to start developing its first plant in 2017.

“We have a deep understanding of our customers’ challenges to achieve their lower carbon goals. This agreement gives Air BP guaranteed access to a product which will help meet these challenges,” said Jon Platt, CEO, Air BP.

“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,” said E James Macias, president and CEO, Fulcrum

“BP is committed to supporting a transition to a lower carbon economy. 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,” added Tufan Erginbilgic, CEO of BP’s downstream segment.

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