As you know, we are committed to a lower carbon future. In more good news last month, BP announced a strategic partnership between its BP Ventures and Air BP businesses with Fulcrum BioEnergy. Fulcrum BioEnergy is a pioneer in the development and production of low-carbon jet fuel. BP and BP Ventures will invest $30 million in the project.
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. As a preferred supply chain partner, Air BP will distribute and supply biojet into aircraft at key hubs across North America. This agreement will give us guaranteed access to product which will help you meet your lower carbon goals.