HOUSTON--(BUSINESS WIRE)--Sep 13, 2023--
Today, Cemvita Corporation announced an offtake arrangement with United Airlines for up to 1 billion gallons of sustainable aviation fuel (SAF) from Cemvita’s first full-scale SAF plant. Under the agreement, signed by Cemvita and United Airlines, Cemvita will supply United Airlines up to 50 million gallons annually for 20 years of Sustainable Aviation Fuel (SAF) made from CO2.
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“ Since our initial investment last year, Cemvita has made outstanding progress, including opening their new pilot plant – an important step towards producing sustainable aviation fuel,” said United Airlines Ventures President Michael Leskinen. “United is the global aviation leader in SAF production investment, but we face a real shortage of available fuel and producers. Cemvita’s technology represents a path forward for a potentially significant supply of SAF and it’s our hope that this offtake agreement for up to one billion gallons is just the beginning of our collaboration.”
Game Changing Technologies: Commercialized SAF is currently made from used cooking oil and agricultural waste. Cemvita's technology has the potential to provide more reliable feedstock production with minimal land, water, and electricity needs. Furthermore, the output of eCO2 plants has the potential to be carbon-negative and Cemvita is aiming to be cost competitive with existing crop based HEFA feedstocks and fuels, which is a crucial factor for the successful adoption of any new biomanufacturing process.
“Biology is capable of truly amazing things,” said Moji Karimi, CEO of Cemvita. “Our team of passionate, pioneering, and persistent scientists and engineers are on a mission to create sustainable BioSolutions that redefine possibilities.”
“We are thrilled to partner with United Airlines in working towards transforming the aviation industry and accelerating the energy transition,” Moji continued. “This agreement featuring our unique SAF platform is a major milestone towards demonstrating our journey to full commercialization.”
United has aggressively pursued strategic investments in SAF producers and revolutionary technologies, including carbon capture, hydrogen-electric engines, electric regional aircraft, and air taxis. This year, United launched its UAV Sustainable Flight Fund SM, a first-of-its-kind investment vehicle that is designed to leverage support from cross-industry businesses to support start-ups focused on decarbonizing air travel through SAF research, technology, and production. Cemvita was announced as part of the fund’s inaugural group of portfolio companies. United has invested in more SAF production than any other airline globally. 1
1 Based on publicly announced airline offtake agreements for future purchases of SAF. |
United's Commitment to Net Zero Emissions by 2050
United was the first airline to commit to net zero carbon emissions by 2050, without relying on traditional carbon offsets. In addition to the UAV Sustainable Flight Fund SM, United has launched a SAF purchasing program called the Eco-Skies Alliance and established a venture fund - United Airlines Ventures - to identify and invest in companies and technologies that can decarbonize air travel. These strategic investments include carbon capture, hydrogen-electric engines, electric regional aircraft and air taxis.
About United Airlines
At United, Good Leads The Way. With U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers and is now the largest airline in the world as measured by available seat miles. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL".
About Cemvita
Cemvita is on a mission to create the natural resource industry of the future. Our solutions address sustainable natural extraction of natural resources, carbon negative chemical production, and the closed-loop renewal of waste as feedstock. With Cemvita, the sustainable choice is also the economical choice. Whether it’s metal and mineral extraction or the production of hydrogen and biofuels, Cemvita partners with the world's largest companies to accelerate the energy transition.
The Cemvita platform is flexible and designed to produce reliable results in harsh operating environments. The microbes we engineer at Cemvita can fully decarbonize the most intensive industrial processes and massively shrink their overall environmental footprint. Our field-tested biotechnologies can be seamlessly integrated into existing workflows and infrastructure.
Cemvita was founded in 2017 and is proudly based in the energy capital of the world—Houston, TX. For more information, please visit www.cemvita.com.
United Cautionary Statement Regarding Forward-Looking Statements and Other Important Information
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, plans and projections regarding the company’s environmental, social or governance (ESG) goals, targets, commitments, strategies and initiatives and related business and stakeholder impacts. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about our future financial results, plans, objectives, goals, targets, commitments, strategies and initiatives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause our future financial results, plans, objectives, goals, targets, commitments, strategies and initiatives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, any failure to meet stated ESG goals, targets, commitments, strategies and initiatives in the time frame expected or at all as a result of many factors, including changing societal, market, competitive, regulatory or stakeholder expectations and any delay or inability of United Airlines to realize the expected benefits of the proposed transaction, including from a delay or failure of any project to be fully developed or become operational or to produce sustainable aviation fuel or other ESG-related product in the amounts contemplated or at all. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect United’s business and market, particularly those identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections in United’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. Risks and uncertainties related to United’s environmental compliance, climate commitments and climate strategy are further described in Part I, Item 1A. Risk Factors of United’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022—“ We are subject to many forms of environmental regulation and liability and risks associated with climate change and may incur substantial costs as a result. In addition, failure to achieve or demonstrate progress towards our climate goals may expose us to liability and reputational harm.”
The statements included in this press release are made only as of the date of this press release and except as otherwise required by applicable law or regulation, United Airlines undertakes no obligation to publicly update or revise any statement, whether as a result of new information, future events, changed circumstances or otherwise. In particular, United Airlines reserves the right to change, amend, supplement or abandon some or all of the statements regarding goals, targets, commitments, strategies, initiatives, intentions and other statements from time to time without notice.
In addition, some of our disclosures in this press release are estimates or based on assumptions due to inherent measurement uncertainties. For example, United's statement that it is the global aviation leader in SAF production investment is based on publicly announced future purchase agreements for SAF of certain airlines as of the date hereof.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230913981691/en/
CONTACT: Cindy Jimenez Turner
cindy@cemvita.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TRANSPORTATION TRAVEL OTHER TRANSPORT AIR TRANSPORT GREEN TECHNOLOGY OIL/GAS ENVIRONMENT ENERGY OTHER TRAVEL SUSTAINABILITY
SOURCE: Cemvita Corporation
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PUB: 09/13/2023 08:00 AM/DISC: 09/13/2023 08:03 AM
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