Fulcrum Bioenergy renewable jet fuel plans get boost from BP

Fulcrum Bioenergy said Monday that it signed a partnership with BP under which BP will invest $30 million in Fulcrum, enabling the biofuel company to accelerate construction of its renewable jet fuel plants.

"Entering into this strategic relationship with a global oil and gas company enhances the value of Fulcrum's waste-to-fuel platform," Fulcrum President and CEO E. James Macias said. "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," Macias  said.

The aviation division of BP, Air BP, also came to an agreement with Fulcrum in which Air BP will receive 50 million gallons per year of the low-carbon, drop-in jet fuel that Fulcrum will produce in its plants. Fulcrum will produce renewable jet fuel from municipal waste, which will be offered at a cost that will be competitive with current petroleum-based jet fuels.

"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," Air BP CEO Jon Platt said. "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."

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Fulcrum BioEnergy, Inc.

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