New investments secured for Infinium and
company's Project Roadrunner production plant to accelerate
availability of sustainable aviation fuel
SACRAMENTO, Calif.,
Sept. 10, 2024 /PRNewswire/ --
Infinium, the world's first producer of commercially available
ultra-low carbon eFuels, and Brookfield Asset Management (NYSE:
BAM, TSX: BAM) ("Brookfield") today announced a strategic funding
partnership to accelerate the growth of Infinium's eFuels platform.
Infinium eFuels—which includes eSAF, a next generation sustainable
aviation fuel—can reduce lifecycle greenhouse gas emissions by
approximately 90% or more compared to today's conventional
fuels.
Under the terms of the deal, Brookfield has committed to invest
more than $200 million
in Infinium and Infinium's Project Roadrunner that is under
development in West Texas and up
to an additional $850 million for
deployment of other Infinium eFuels projects globally, all subject
to pre-agreed metrics. The investment will be made by the first
vintage of the Brookfield Global Transition Fund ("BGTF I") and
marks Brookfield's first direct investment in sustainable aviation
fuel. Brookfield will also serve as lead in Infinium's Series C
Preferred Stock offering.
"Brookfield is a tremendous partner, and we are thrilled to
secure this additional capital as we scale eSAF production to meet
the overwhelming demand from the aviation industry," stated
Infinium CEO Robert Schuetzle. "Our
Project Pathfinder site was the first to bring commercial volumes
of eFuels to market, and Project Roadrunner brings additional
volumes of eFuels to scale global supplies. As our airline partners
continue to push for more SAF and decarbonization options, Infinium
remains committed to accelerating production to help meet those
demands."
Infinium eSAF is the newest generation of sustainable aviation
fuel and is produced through a proprietary process that combines
water, waste CO2 and renewable energy to produce
ultra-low carbon fuels including eSAF, eDiesel and eNaphtha. eFuels
are "drop-in" replacements for today's fossil-based fuels and can
be used without changes to engines or infrastructure in planes,
ships, trucks and manufacturing processes.
Infinium recently announced a strategic deal with American
Airlines, in which American will purchase commercial volumes of
Infinium eSAF starting in 2026 produced by Project Roadrunner. The
agreement helps secure offtake for Project Roadrunner and fuel for
American to help decarbonize its airplane fleet while meeting its
aggressive sustainability goals.
The Project Roadrunner site will also produce eNaphtha, which
can be used in plastics manufacturing, and eDiesel, which can be
used in long-haul trucking and maritime applications—sectors which
are harder to electrify. Infinium is progressing a number of
offtake contracts for the remainder of the plant's capacity that it
expects to announce in due course.
"We are very excited to be partnering with Infinium, a leader in
the development and production of ultra-low carbon intensity drop
in fuel alternatives. Our investment is structured to provide the
capital Infinium needs to accelerate the production of sustainable
aviation fuels to meet the growing demand from corporate customers
while generating attractive risk-adjusted returns for
Brookfield," said Jehangir
Vevaina, Managing Partner at Brookfield. "In addition to
Roadrunner, Infinium has a large pipeline of well positioned
projects to help meet the demand for the structurally short eFuels
market, and we are looking forward to the opportunity to
participate in the development of further eFuels projects through
follow-on investments."
Brookfield joins existing Roadrunner backer Breakthrough Energy
Catalyst, who previously made a $75
million conditional commitment to Infinium's Project
Roadrunner. The Breakthrough team has served as a driving
force in supporting Roadrunner's progress and provided
expertise to Infinium as they created an investable project
structure.
"Our investors continue to demonstrate their confidence in
Infinium and the huge potential for eFuels in the marketplace,"
added Schuetzle. "The global supply chain is in desperate need of
decarbonization, and solutions like eSAF are the answer."
About Infinium
Infinium is an electrofuels provider on a mission to decarbonize
the world. Electrofuels, also known as eFuels, are a new class of
synthetic fuels created using renewable power and waste carbon
dioxide, not petroleum or resources that compete with food.
Infinium eFuels such as eSAF jet fuel and eDiesel can be dropped
into existing planes, trucks 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 eNaphtha is a lower carbon alternative for chemical
processing, including plastics production. Learn why Amazon,
American Airlines, Citi and other leading cleantech innovators have
chosen Infinium at www.infiniumco.com.
About Brookfield
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading
global alternative asset manager with approximately $1 trillion of assets under management. We invest
client capital for the long-term with a focus on real assets and
essential service businesses that form the backbone of the global
economy. We offer a range of alternative investment products to
investors around the world — including public and private pension
plans, endowments and foundations, sovereign wealth funds,
financial institutions, insurance companies and private wealth
investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP,
TSX: BEP), one of the world's largest publicly platforms for
renewable power and sustainable solutions. Our renewable power
portfolio totals over 34,000 megawatts and our development pipeline
stands at approximately 200,000 megawatts. Our portfolio of
sustainable solutions assets includes our investments in
Westinghouse (a leading global nuclear services business) and a
utility and independent power producer with operations in the
Caribbean and Latin America, as well as both operating
assets and a development pipeline of carbon capture and storage
capacity, agricultural renewable natural gas and materials
recycling.
Logo -
https://mma.prnewswire.com/media/1982520/Infinium_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/brookfield-to-invest-up-to-1-1-billion-in-infinium-to-scale-ultra-low-carbon-efuels-302243434.html