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MICROSOFT CORPORATION

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Microsoft invests $50 million in alcohol-to-jet fuel biorefinery

01/13/2022 | 03:40pm EST
FILE PHOTO: A Microsoft logo is seen in Los Angeles

(Reuters) - Microsoft is investing $50 million in a LanzaJet facility in Georgia that will produce jet fuel from ethanol next year, LanzaJet said.

The airline industry is considered one of the hardest to decarbonize. Renewable aviation fuel accounted for less than 0.1% of current global jet fuel demand of about 330 million tonnes in 2019, investment bank Jefferies said last year. Governments and investors are trying to boost incentives to produce lower-carbon emitting jet fuel.

LanzaJet, based in Chicago, said it has nearly completed on-site engineering at its Freedom Pines Fuels Biorefinery, with plans to start producing 10 million gallons of sustainable aviation fuel (SAF) and renewable diesel per year from sustainable ethanol, including from waste-based feedstocks, in 2023. 

Oil majors, airlines and other petroleum trading companies including Suncor Energy Inc., British Airways and Shell are also funding the company.

The White House said last year that it wants to lower aviation emissions by 20% by 2030, as airlines face pressure from environmental groups to lower their carbon footprint.

The Biden Administration has touted tax credits for production of sustainable jet fuel as part of its Build Back Better legislation, which is currently stalled in Congress.

The European Union is aiming to increase the amount of SAF blended in petroleum jet fuel to 63% by 2050.

Microsoft created the Climate Innovation Fund in 2020 to invest $1 billion over the next four years to speed up the development of carbon removal technology.

(The story corrects name of biorefinery in 4th paragraph to Freedom Pines Fuels)

(Reporting by Laura Sanicola; Editing by David Gregorio)

By Laura Sanicola


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AC (AC) - CBR (FLOOR)/C1 0.83% 1.09 End-of-day quote.-20.73%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -0.48% 159.44 Delayed Quote.12.30%
LONDON BRENT OIL 0.00% 87.6 Delayed Quote.11.05%
MICROSOFT CORPORATION 0.22% 303.33 Delayed Quote.-9.81%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
SUNCOR ENERGY INC. -0.62% 35.55 Delayed Quote.12.32%
WTI 0.32% 85.218 Delayed Quote.15.15%
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Sales 2022 197 B - -
Net income 2022 71 312 M - -
Net cash 2022 89 063 M - -
P/E ratio 2022 32,0x
Yield 2022 0,77%
Capitalization 2 277 B 2 277 B -
EV / Sales 2022 11,1x
EV / Sales 2023 9,62x
Nbr of Employees 181 000
Free-Float 99,9%
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Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
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