Air BP and BP Ventures announce investment of $30 million in biojet producer, Fulcrum

BP today announced the creation of a strategic partnership between its BP Ventures and Air BP businesses with Fulcrum BioEnergy, a pioneer in the development and production of low-carbon jet fuel, in which BP will invest $30 million.

As an equity investor, BP has secured a 10 year offtake agreement with Fulcrum for 50 million US gallons per year, from their plants under development across North America. In addition, as a preferred supply chain partner, Air BP will distribute and supply biojet into aircraft at key hubs across North America.

Fulcrum has developed and demonstrated a reliable and efficient process for producing low-cost, sustainable biojet from municipal solid waste (MSW). The company has secured long-term access to large volumes of MSW feedstock and is actively developing its plan to build waste-to-fuel plants in North America, initially, with growth potential around the world. Fulcrum’s first plant is currently under construction.

“BP is committed to supporting a transition to a lower carbon economy,” said Tufan Erginbilgic, CEO of BP’s downstream segment. “With support from two of Air BP’s strategic customers, Cathay Pacific Airways and United Airlines, Fulcrum is well advanced in its goal to produce and supply scalable biojet, and BP is excited by the opportunities that this partnership offers.”

Editor's notes - about Air BP

• As the aviation division of BP, Air BP is one of the world’s leading suppliers of aviation fuel products and services. We have been investing in the aviation industry for over 90 years to keep people flying safely around the world. We supply around 6.6 billion gallons of aviation fuel a year; fuelling over 6,000 flights a day at over 800 locations in more than 55 countries - that's more than four planes a minute.

• Our customers include commercial airlines, the military, business and private aircraft owners, airports and airfield operators. We have a wide range of services to support our fuel offer including the design, build and operation of fuelling facilities, technical consultancy and training, low carbon solutions, the Sterling Card for efficient general aviation refuelling and innovative digital platforms to increase efficiency and reduce risk.
  

Editor's notes - about BP Ventures
 

• BP Ventures identifies and makes strategic investments in private, high growth, game-changing technology companies, accelerating cutting edge innovations across the entire energy spectrum. The Investment portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. BP Ventures also partners with entrepreneurial companies specializing in biotech, water, advanced materials, and digital technology. 
•  Find out more about BP Ventures

Editor's notes - about Fulcrum
 

• Based in Pleasanton, California, Fulcrum is leading the development of a reliable and efficient process for transforming municipal solid waste into transportation fuels including jet fuel and diesel. The company’s plants will provide customers with low-cost, low-carbon drop-in fuel that is competitively priced with traditional petroleum fuel. Fulcrum, a privately held company, has aligned itself with strategic feedstock, technology and fuel offtake partners to further strengthen and accelerate the company's innovative approach to commercially producing large volumes of renewable fuel from municipal solid waste. For more information, please visit www.fulcrum-bioenergy.com.
• Fulcrum BioEnergy has been backed by US Renewables Group and Rustic Canyon Partners, two leading venture capital firms in the clean energy space. In addition, Waste Management, Cathay Pacific Airways and United Airlines have become valued equity partners in the company.