Infinium and Breakthrough Energy Catalyst today announced a $75
million project equity investment commitment to support Infinium’s
Project Roadrunner, subject to the satisfaction of certain closing
conditions. Project Roadrunner will convert waste carbon dioxide
(CO2) and renewable power into sustainable aviation fuel (SAF) and
other low-carbon fuels. This first-of-a-kind commercial-scale
Power-to-Liquids (PtL) eFuels facility is expected to be the
largest PtL eFuels project in North America once operational.
Breakthrough Energy Catalyst funds and invests in first-of-a-kind
projects that support the deployment of emerging climate
technologies to reduce emissions and accelerate the clean energy
transition. This commitment represents Catalyst’s first equity
investment to date.
Project Roadrunner, located in West Texas, will
convert an existing brownfield gas-to-liquids project into a fully
integrated eFuels facility that will deliver products into both
U.S. and international markets. It will primarily produce Infinium
eSAF, a sustainable aviation fuel with the potential to
significantly reduce the lifecycle greenhouse gas emissions (GHG)
associated with air travel. PtL SAF is expected to reduce lifecycle
GHG emissions in aviation by around 90 percent, which is higher
than the emissions reductions achieved using SAF on the market
today. Project Roadrunner will also produce Infinium eNaphtha for
use in plastics manufacturing and Infinium eDiesel for use in
hard-to-electrify transportation methods, such as long-haul
trucking and maritime applications.
In tandem with Catalyst’s investment in
Infinium, American Airlines and Infinium have entered into an
innovative, firm offtake agreement for Infinium eSAF. This
agreement is a critical enabler of further investment in Project
Roadrunner. American joined Breakthrough Energy Catalyst as an
anchor partner to accelerate the development of next-generation
clean energy technologies, including SAF. The Catalyst team worked
to develop the agreement alongside the American and Infinium teams.
The agreement provides one model for how airlines can use offtake
agreements to help promising new SAF technologies attract
investment dollars.
In further support of this offtake agreement,
Citi and American Airlines have separately agreed to
transfer the associated emission reductions to Citi to
support the scaling of this innovative
technology and help reduce a portion of Citi’s Scope 3
emissions from employee travel. Citi is also a partner of
Breakthrough Energy Catalyst.
Infinium has numerous eFuels projects in
development across the U.S., Europe, Middle East, Japan and
Australia.
“The investment from Catalyst is critical to
accelerating the completion of Project Roadrunner and to the
delivery of significant volumes of eFuels created from waste carbon
dioxide and renewable power. Importantly, this project will serve
as a template for other, larger eFuels plants under development,”
said Robert Schuetzle, CEO at Infinium. “The groundbreaking
commercial agreement with American is an important prototype for
the aviation industry as its firm offtake agreement supports
project financing, providing revenue certainty for the
project.”
“This project is a landmark achievement for the
development of sustainable aviation fuels and the offtake agreement
provides a model for the entire aviation industry of one way to
effect change and support the scale-up of capital-intensive
projects,” said Mario Fernandez, Head of Breakthrough Energy
Catalyst. “Infinium’s technological and commercial maturity,
coupled with the company’s project development expertise, will help
accelerate the clean energy transition by quickly bringing to
market clean fuels for aviation, trucking, and other long-distance
parts of the transportation sector. American’s creativity,
commitment and collaboration with Citi, have set a new marker,
demonstrating what it takes to usher in a climate-friendly aviation
future.”
“American joined Breakthrough Energy Catalyst
because we saw the potential to accelerate the commercialization of
the clean energy technologies of the future. Today, we see the
realization of that potential in Catalyst’s investment in
Infinium’s electrofuels SAF, coupled with American’s long-term
commitment to purchase those fuels,” said Jill Blickstein,
American’s Chief Sustainability Officer. “Our partnership with
Catalyst – and our new commitment with Infinium – exemplifies the
novel collaboration necessary to bring to market the new
technologies that will allow us to decarbonize.”
“Citi is proud to work with Breakthrough Energy
Catalyst, American Airlines and Infinium in this effort to support
the commercialization of sustainable aviation fuel," said Val
Smith, Citi's Chief Sustainability Officer. "Infinium's eSAF
technology is the latest example of innovation and growth in the
climate solutions space. We hope the offtake arrangement with
American, where we combine their direct use of SAF with our
indirect use through our business travel, will serve as one model
for how offtake agreements can be used to help scale up future
solutions for low-emissions air travel.”
About InfiniumInfinium is an
electrofuels provider on a mission to decarbonize the world.
Electrofuels are a new class of synthetic fuels made using
renewable power and waste carbon dioxide, not petroleum or
resources needed to produce food. Infinium electrofuels can be
dropped into existing trucks, planes, and ships, significantly
reducing harmful carbon dioxide emissions compared to fossil-based
fuels. In addition to helping the transport industry meet carbon
reduction goals, Infinium electrofuels are a lower carbon
alternative for chemical processing, including plastics production.
Learn why Amazon and other leading cleantech investors have chosen
Infinium at www.infiniumco.com.
About Breakthrough
EnergyBreakthrough Energy is committed to accelerating the
world’s journey to a clean energy future. The organization funds
breakthrough technologies, advocates for climate-smart policies,
and mobilizes partners around the world to take effective action,
accelerating progress at every stage.
Breakthrough Energy Catalyst is a novel platform
that funds and invests in first-of-a-kind commercial projects for
emerging climate technologies. By investing in these opportunities,
Catalyst seeks to accelerate the adoption of these technologies
worldwide and reduce their costs.
Catalyst currently focuses on five technology
areas: clean hydrogen, sustainable aviation fuel, direct air
capture, long-duration energy storage, and manufacturing
decarbonization. In addition to capital, Catalyst leverages the
team’s energy-infrastructure-investing and project-development
expertise to work with innovators on advancing their projects from
the development stage to funding and ultimately, to construction.
Learn more about Breakthrough Energy and Catalyst at
breakthroughenergy.org.
About American AirlinesTo Care
for People on Life’s Journey®. Shares of American Airlines
Group Inc. trade on Nasdaq under the ticker symbol AAL and the
company’s stock is included in the S&P 500. Learn more about
what’s happening at American by visiting news.aa.com and
connect with American @AmericanAir and
at Facebook.com/AmericanAirlines.
About CitiCiti is a preeminent
banking partner for institutions with cross-border needs, a global
leader in wealth management and a valued personal bank in its home
market of the United States. Citi does business in nearly 160
countries and jurisdictions, providing corporations, governments,
investors, institutions and individuals with a broad range of
financial products and services. Additional information may be
found at www.citigroup.com.
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MEDIA
CONTACTS:Infiniumpress@infiniumco.com
Breakthrough
Energypress@breakthroughenergy.org
American Airlinesmediarelations@aa.com
CitiU.S. media hotline: (212) 793-0710
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