It’s official. BioJet International, a developer of bio jet fuels, and Abundant Biofuels Corporation, an integrated feedstock development company, have merged. With this merger in place, Abundant is now a wholly owned subsidiary of BioJet but its affiliates will continue to operate under the Abundant name and brand. Abundant is best known for its Philippine Jatropha Project and today has more than 4 million hectares in 10 countries under development with ample nursery feedstock to grow enough jatropha over the next three years to produce nearly 20 million barrels of biofuel.
“The Abundant deal is a major step toward BioJet attaining its goal of becoming the world’s largest owner and developer of feedstock for renewable jet fuel and green diesel,” said BioJet Chairman Mitch Hawkins. “Ownership and control of feedstock is the absolute key to all biofuels. The strategic additional bandwidth brought by the team and assets of Abundant form a major building block in the expansion of our Camelina, Jatropha, Algae and Biomass projects in Latin America, Asia, Europe, and Africa. This deal also fits in nicely with our plans for the recent US$1.2 Billion funding commitment we received from Equity Partners Fund.”
BioJet is the first Alternative Fuels Strategic Partner of the International Air Transport Association and they have operations covering various segments of the biofuel value chain including feedstock generation, technology, refining, logistics and distribution for end use by the aviation and transportation sector.
“The International Energy Agency projects that, by 2050, demand will reach $11+ Trillion. Consolidation of our companies creates the first fully integrated global biofuel company capable of addressing that challenge,” said Charles Fishel, Chairman of Abundant Group. “Competitors either focus solely on refining or, alternatively only on production of feedstock. BioJet will be one of the only (if not the only) international biofuels company that can control all of its feedstock.”
“This provides BioJet with the ability to control its internal allocation of resources for a significant cost control advantage while other companies are subject to severe fluctuations in cost and availability of feedstock,” Fishel concluded.