Fulcrum BioEnergy and BP have entered into a partnership that includes an investment of $30 million by BP. One goal of the partnership is to accelerate the timeline for completion of Fulcrum’s biorefinery that will produce bioject fuel. Fulcrum BioEnergy and Air BP, the aviation division of BP, have also entered into a partnership with an offtake fuel agreement that will provide Air BP with 50 million gallons per year of bioject fuel with a total agreement of 500 million total gallons of aviation fuel. In addition, Air BP will provide fuel supply chain services for the blending, certification and delivery of the biojet fuel.
“Entering into this strategic relationship with a global oil and gas company enhances the value of Fulcrum’s waste to fuel platform,” said E. James Macias, Fulcrum’s president and CEO. “This allows us to accelerate development of our second and third plants. With BP’s expertise in refining and fuel services, their partnership provides value beyond the investment, fuel offtake and logistic services.”
Jon Platt Chief Executive Officer at Air BP added, “We are delighted to be a strategic partner with Fulcrum – a pioneer in the development and production of lower-carbon jet fuel from municipal solid waste. The aviation industry has set ambitious lower carbon goals. This agreement gives Air BP guaranteed access to low-carbon jet fuel to help our customers meet these goals. We are excited by the opportunities that this partnership offers.”
Fulcrum is also reporting that this agreement, along with several others, will accelerate the development of more larger-scale project across the U.S.