Renewable Jet Fuel Developer Gets Financial Boost
United Airlines CEO Glen Tilton recently proclaimed that commercial airlines are ready and willing to purchase alternative jet fuels but that funding the development of jet biofuels had to start with the government. Now, biofuel developer, BioJet is positioning itself to provide the alternative Mr. Tilton is willing to buy.
Biojet's vision for bio-based jet fuel is expansive, and its multi-pronged attack on the issues of feedstock and refinement of renewable jet fuel will require substantial funding to execute.
The company has received a huge pledge of support in the form of a US$1.2 billion investment from Equity Partners Fund SPC. BioJet will use the funds to both increase and develop its bio fuel refining capacity and also to further develop its feedstock sources which include Jatropha, Algae, Camelina and Waste Biomass.
"This funding agreement with Equity Partners will form the cornerstone of BioJet capital projects and accretive EBIDTA positive acquisitions over the next It enables a clear path to the expansion of our Camelina, Jatropha, and Algae feedstock projects as well as our Avia renewable jet refining projects in Latin America, Asia, and Europe. We will also be seeking acquisitions of listed companies which can add value," said BioJet Chairman Mitch Hawkins.
Read the full story at BioJet: BioJet Receives $1.2 Billion funding facility [pdf]
Image Credit: Nevit Dilmen via Wikimedia
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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