COLUMBUS, OH, Feb. 04, 2021 (GLOBE NEWSWIRE) — NetJets today announces it has made a significant investment in WasteFuel, a next generation waste to fuel company that aims to transform landfill waste into sustainable aviation fuel (SAF), making it the first private aviation company to buy a stake in the production of sustainable aviation fuel. NetJets will also purchase a minimum of 100 million gallons of WasteFuel's SAF over the next ten years.
NetJets and WasteFuel are in the early phases of developing a plant in Manila, Philippines, slated to be operational in 2025, in partnership with leading infrastructure developer Prime Infra. The fuel is anticipated to be imported into Los Angeles and distributed across the NetJets operations network.
"As the leader in private aviation, NetJets is deeply invested in advancing sustainability across the industry. After launching our expanded Global Sustainability Program last year, the opportunity to invest in the production of SAF with WasteFuel was a natural next step," said Brad Ferrell, Executive Vice President of Administrative Services. "The biorefinery tackles the dual environmental problems of the global waste crisis and sustainable fuel; and we're excited to take this step toward improving accessibility to SAF in the aviation industry."
At full capacity, the biorefinery will convert 1 million tons of municipal waste into 30 million gallons of SAF annually. Utilizing the most effective technologies available, WasteFuel will produce fuels that burn at least an 80 percent reduction in carbon compared to fossil–fuel based aviation fuels. WasteFuel's SAF has a Carbon Intensity (C.I.) of 0 compared to an average C.I. of 41 for alternative SAFs and a baseline of 89.4 for non–renewable aviation fuel.
Globally, landfills are the third largest source of methane produced by human activity, accounting for approximately 11 percent of estimated global methane emissions. Methane is a potent greenhouse gas""about 28 times more powerful than carbon dioxide at warming the Earth, on a 100–year timescale, and more than 80 times more powerful over 20 years.
"Our waste can be our fuel," said Trevor Neilson, Chairman and CEO of WasteFuel. "Our partnership with NetJets and Prime Infra marks the beginning of a bold new era in travel "" the beginning of the hard work of making aviation truly sustainable."
Prime Infra's core investment strategy focuses on infrastructure that is socially relevant and sustainable, working hand in hand with host communities. "Solid waste management remains a major problem in the Philippines, especially in urban areas like Metro Manila, which generates around 10,000 tons of garbage per day. A biorefinery that will convert solid waste into SAF will make a big impact in reducing solid waste and ensuing environmental and health hazards, landfill emissions, and fossil fuel use. An added bonus, it will create jobs for the local community," said Guillaume Lucci, President, Prime Infra.
Other investors in WasteFuel include i(x) investments, Guy Oseary and Prime Infra. For investment opportunities, contact investorrelations@wastefuel.com.
Looking beyond Manila, NetJets and WasteFuel also have plans to develop four more biorefineries in the coming years. This partnership comes on the tails of the launch of NetJets' expanded Global Sustainability Program in October 2020, which prioritized a commitment to sustainable fuel, corporate responsibility and consumer participation. To follow NetJets' sustainability progress, visit https://www.netjets.com/en–us/sustainability.
About NetJets
NetJets Inc., a Berkshire Hathaway company, is the worldwide leader in private aviation. More than 50 years ago, we launched the world's first private jet charter and management company. We went on to pioneer shared aircraft ownership""offering the advantages of owning a private jet, without the responsibilities. Today, we continue to innovate from cockpit and cabin to safety and accessibility. As the owner and operator of the world's largest and most diverse private jet fleet, NetJets hires only the most experienced and accomplished pilots and safety is our first and highest priority. Our full range of aviation options help individuals and businesses do more and miss less via the NetJets , Executive Jet Management , and Marquis Jet Card service brands in North America and Europe. For more information about the world's most reliable and trusted aviation company, visit netjets.com.
About WasteFuel
WasteFuel is a next–generation waste to fuels company that uses proven technology to address the climate emergency and revolutionize mobility. With an initial focus on air travel, WasteFuel uses proven technology that converts municipal waste into aviation grade biofuel that burns at an 80% reduction in carbon to fossil fuel–based aviation fuel. For more information visit: www.wastefuel.com.
About Prime Infra
Prime Infra, the core infrastructure arm of Filipino Billionaire Enrique K. Razon Jr., is involved in the business of developing, designing, managing and operating key infrastructure assets that enable the delivery of essential services to communities in emerging markets worldwide. Currently, our infrastructure assets include both Renewable and Sustainable Energy, Water, and Construction, but will soon expand to other industries, further diversifying our portfolio and improving our services and commitment to various communities around the world. For more information, visit www.primeinfra.ph.
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