Capstone Partners advised AltAir Fuels, a Seattle-based producer of low-carbon, renewable jet fuel and other renewable products, on an equity capital formation from New Energy Capital and Jesta Capital as well as its off-take agreement with United Airlines. With this strategic partnership, AltAir Fuels will retrofit part of an existing petroleum refinery to become a 30 million gallon, advanced biofuel refinery near Los Angeles International Airport (LAX) in California.
This is a great day for United and the aviation biofuels industry. This agreement underscores United’s efforts to be a leader in alternative fuels as well as our efforts to lead commercial aviation as an environmentally responsible company. We’re excited about what this strategic partnership with AltAir means for United, the industry, the environment, and for our customers.
AltAir’s Chief Executive Officer Tom Todaro added, “United Airlines has been a strategic partner for several years as we work to establish our biofuel facility. We cannot overestimate how important this milestone is for the commercialization of sustainable aviation biofuels, and we at AltAir are proud that United is our first customer.”
CJ Hummel, Managing Director in the Energy & Natural Resources practice at Capstone mentioned, “AltAir’s new partnership with United marks the development of the advanced biofuels industry by demonstrating a shift to the use of renewable fuels in today’s economy.”
Terms of the acquisition were not disclosed.