LANZAJET ANNOUNCES $30 MILLION INVESTMENT FROM SOUTHWEST AIRLINES TO ACCELERATE COMPANY’S GROWTH AND ADVANCE U.S. SUSTAINABLE AVIATION FUEL PRODUCTION
CHICAGO, Feb. 28, 2024 /CNW/ — LanzaJet, Inc. (LanzaJet) a leading sustainable fuels technology company and sustainable fuels producer, today announced a $30 million investment by Southwest Airlines Co. (Southwest) in LanzaJet. As part of the agreement, LanzaJet and Southwest intend to work toward the development of a sustainable aviation fuel (SAF) production facility and collaborate to advance the operations of a corn stover to ethanol technology company in which Southwest is invested: SAFFiRE Renewables, LLC (SAFFiRE).
LanzaJet plans to undertake project development efforts for the SAF production facility in the United States, with Southwest as the anchor SAF offtaker. The biorefinery is expected to utilize LanzaJet’s pioneering technology, which is capable of scaling production to the levels needed to decarbonize aviation through widely available and sustainable feedstock, emerging commercial residue-based feedstock solutions, and promising economics. LanzaJet will also support Southwest’s efforts to commercialize SAFFiRE’s technology that processes corn stover into ethanol.
“The U.S. is an incredibly important market for us – it’s our home, where our technology originated and scaled, the site of our and the world’s first commercial ethanol-to-SAF plant, and an important opportunity to support the existing U.S. biofuels and ethanol industries with our leading ethanol-to-SAF technology,” said Jimmy Samartzis, Chief Executive Officer of LanzaJet. “The alignment of Southwest and LanzaJet is a powerful combination that has the potential to integrate the SAF value chain and to double-down on the US ethanol, aviation, and biofuel industries. Our work together will lead us closer to meeting aviation’s decarbonization goals by continuing to scale SAF production in the United States, while also tapping into the U.S. ethanol industry’s potential to catalyze the next generation of SAF production.”
Source Link: https://finance.yahoo.com/news/lanzajet-announces-30-million-investment-160000292.html
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