BP announces investment of $30 million in biojet producer, Fulcrum
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.”
Source / More on: BP
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