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Wednesday, November 30, 2022 11:51:31 PM
American Airlines Group Inc., Japan Airlines Co. and others have signed long-term supply contracts with the Englewood, Colo.-based agri-energy company for its alternative fuel. So far, Gevo has agreements that call for 375 million gallons a year, representing $2.8 billion in expected annual revenue, the company said.
Gevo Chief Executive Patrick Gruber said the supply deals are crucial to securing funding for current and upcoming construction projects to boost production of alternative fuels that the airline industry needs to address regulations aimed at curbing climate change.
"The contracts from airlines are the single most important thing," Mr. Gruber said. "Without that you can't get project financing."
The company has also signed contracts with Aer Lingus Ltd., Alaska Airlines Inc., Finnair Oyj, Iberia Lineas Aereas de Espana SA and Qatar Airways Group QCSC.
Airlines want at least 10% of their fuel to be sustainable by 2023, Gevo said in a securities filing. Members of the International Air Transport Association last year agreed to commit to reducing net carbon emissions to zero by 2050, with sustainable aviation fuel contributing up to 80% of the decline. Airlines account for about 2.1% of global carbon emissions, according to the Air Traffic Transport Action Group's website.
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