United Airlines Might Invest up to $37.5 Million in an Oregon Biofuel Refinery
United Airlines will soon become the first US airline to invest in a biofuel refinery and could invest as much as $37.5 million into NEXT, a Houston-based company that is developing its flagship refinery in Oregon.
Thanks in part to United Airlines’ investment in NEXT’s Oregon refinery, it will be able to provide sustainable biofuel throughout the West Coast. Once fully operational in 2026, the refinery will be able to produce up to 50,000 barrels of sustainable jet fuel and other renewable fuel per day.
United Airlines
United Airlines Ventures invests in innovative startup companies and technologies. One major investment has been made in the biofuel refinery, and future projects include electric regional aircraft and air taxis. We value making a bigger impact on the world while also supporting our business goals of reaching net zero carbon emissions by 2050.
President of United Airlines Ventures, Michael Leskinen, highlighted the importance of the investment for the airline’s sustainability ambitions and for the industry as a whole.
“The airport says the investment will not only bolster it’s ambitions, but create near-term solutions to expand its supply. In addition, this investment further demonstrates its commitment toward producers at the scale necessary to make a dent in aviation’s carbon footprint.”
Whether you’re selling online or using our network to travel around the world, you’ll appreciate how our flagship refinery is located near two of United Airlines’ major hubs – SFO and LAX. With easy access to a deep-water port and existing industrial-grade docks, we help you go global with your product or service.
Every year, top portfolio companies are selected for the NEXT investment. With 58% of our investments still in business today and with $2.8 million from this year’s fundings alone, we know how important it is to invest early.
United Oil is looking to strengthen their commitment to the clean fuels market in order to take full advantage of the increasing demand. They are investing in NEXT because they’re positioned well for this new industry as a leading SAF (stainless-steel alternative fuel) supplier on the West Coast.
A company who’s dedicated to sustainability
United Airlines has been an industry-leader when it comes to promoting alternative fuels like electricity, hydrogen, biofuel and natural gas in the aviation industry. In recent years, the airline has invested more than any other carrier worldwide in SAF production. In 2021, it also became the first airline to operate a passenger trip using 100% SAF.
Airlines are continually trying to stay competitive by developing sustainable solutions, and following United Airlines’ lead it’s likely that more airlines will soon be taking this step.
vince salvador
November 27th, 2022
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