Avfuel Corporation revealed a multimillion-dollar investment in Alder Fuels—a clean tech company pioneering first-of-its-kind technologies for producing sustainable aviation fuel (SAF) at scale.
Avfuel will purchase 1 billion gallons of SAF over a 20-year period and use the SAF to supply both business and commercial aviation globally.
Avfuel is making the investment through its subsidiary, Avfuel Technology Initiatives Corporation (ATIC).
Alder Fuels converts abundant biomass, such as regenerative grasses and forest and agricultural residues, into sustainable, low-carbon crude oil that replaces fossil crude in existing refineries producing aviation fuel.
When calculating the fuel production carbon life cycle from field to wingtip, Alder’s technology has the ability to produce an ultra-low to negative carbon crude oil that, when refined, meets current jet fuel specifications.
Alder’s biocrude refined into SAF is currently in the process of global certification as a 100% drop-in replacement for petroleum-based jet fuel and anticipates the SAF will become available in the first quarter of 2024. .
Avfuel’s purchase agreement is the first ever long-term offtake from a fuel supplier, making this partnership the largest publicly-announced SAF agreement in business aviation history and opening the door to realizing business aviation’s commitment to obtaining net-zero status by 2050.
"Avfuel is committed to providing sustainable solutions for its customers, including business aviation, fixed based operators and airlines,” said CR Sincock, executive vice president of Avfuel. “We have been a forerunner in supplying SAF to business aviation and this transformative agreement builds upon our commitment to lead its adoption. Avfuel is making investments via ATIC to ensure SAF is available and we are excited to partner with Alder in scaling the fuel globally. This is an important milestone in business aviation’s SAF adoption story, but we realize reaching net zero targets will require a collective effort industry-wide to provide and embrace sustainable fuels. Only together can we reach this new height.”
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