SCOTTSDALE, Ariz .– (BUSINESS WIRE) – Northwest Advanced Bio-Fuels, LLC (NWABF), a developer of bio-jet renewable fuel refineries, has made great strides in securing a long-term investment strategy with the recent execution of a Memorandum of Understanding (“MOU”) into its Sustainable Aviation Fuel (SAF) project in Washington State (the “Project”) from Stonepeak Infrastructure Partners (“Stonepeak”), an independent investment firm specializing in North American infrastructure.

Stonepeak’s $ 600 million potential investment, arranged by Morgan Stanley & Co. LLC as placement agent, may be made through SP Holdings LLC or any other Stonepeak managed fund or entity. SP Holdings, LLC is the sole member of the general partner of Evolve Transition Infrastructure LP (NYSE American: SNMP), a publicly traded limited partnership founded in 2005 that focuses on the acquisition, development and ownership of infrastructure necessary for the energy transition supplies of low carbon sources are critical. Upon completion of the investment, the investment would help fund the world’s largest announced project for SAF / Renewable Biofuels Using Cellulosic Feedstocks.

This announcement is an important milestone for the SAF industry and airlines to advance their commitments to achieve carbon neutrality and combat climate change in the aviation sector.

The project has an attractive, long-term purchase agreement for 60 million gallons per year that is one of the largest purchase agreements of its kind for the purchase of SAF. As originally announced with Delta Air Lines in January 2020 and confirmed in March 2021, NWABF is a key partner in helping Delta achieve disruption-free aviation.

This potential investment would be used to partially finance the construction of the project and to repay previous development, design and engineering costs. More than 60 million gallons of sustainable aviation fuel are produced and shipped annually before expandability is considered.

Funding this first NWABF project would support the company’s long-term goal of developing an industry-leading platform for the sustainable growth of aviation fuels, capable of further follow-up opportunities in this important and critical asset class for the energy transition. NWABF aims to become a leader in the SAF by expanding additional projects in the field of renewable fuels. The implementation of the letter of intent with Stonepeak confirms our team, our vision and our growth potential as a crucial link in the global energy transition to reduce emissions.

“We are delighted that a leading infrastructure investment firm is seeing the potential and promise of the SAF industry and future potential projects by our team that have been instrumental in bringing this project to this point,” said Dave Smoot, Founder and Manager of Northwest Advanced Bio-Fuels Project. “We have endeavored to create a working platform for future opportunities that the NWABF team will continue to lead.”

Stonepeak has a long history of investing in high quality, critical infrastructure projects in the US and around the world, with an emphasis on building long-term strategic partnerships. In recent years, Stonepeak has invested significant capital in the energy transition megatrend, including in SP Holdings, LLC, the privately held sole member of the general partner of Evolve Transition Infrastructure (NYSE American: SNMP), a publicly traded limited partnership that founded in 2005 Company focused on acquiring, developing and owning infrastructure critical to the transition of energy supplies to low carbon sources, as well as projects in renewable energy, low carbon power generation and LNG.

Sustainable aviation fuel and project background

SAF is an alternative to fossil fuels and can reduce emissions by up to 80 percent over their entire life cycle. Examples of this are biofuels and synthetic fuels.

In 2019, Delta Air Lines invested $ 2 million in partnership with Northwest Advanced Bio-Fuels to investigate the financial feasibility of a biofuels manufacturing facility that produces sustainable aviation fuel and other biofuel products.

In 2020, NWABF announced the selection of Black & Veatch, the global engineering, procurement and construction company to lead the project as the EPC of Record. And the future outlook is bright – Bloomberg News reports that increased use of jet biofuels is expected in the coming years.

NWABF’s long-term goal is to produce sustainable, sustainable aviation fuel for future use by airlines, as mandated by domestic and foreign government agencies, while creating jobs and opportunities for the state, local cities and towns of the manufacturing facility.

About Northwest Advanced Bio-Fuels, LLC

Northwest Advanced Bio-Fuels, LLC, NWABF, is developing refineries for second generation bio-jet renewable cellulosic fuels. The first project is being developed in the Pacific Northwest. NWABF has assembled a world-class team of seasoned engineering firms, biofuel experts, and second generation technology companies to handle front-end gasification, syngas purification and treatment, back-end Fischer-Tropsch fuel conversion and ultimately fuel upgrade to premium renewable SAF. https://www.nwabiofuels.com.

Via Stonepeak partners

Stonepeak Infrastructure Partners is an infrastructure-focused private equity firm headquartered in New York with over $ 31 billion in assets under management as of February 2021. Stonepeak invests in long-lived companies and high net worth projects that provide essential services to customers, and seeks to actively work with quality management teams, enable operational improvements and provide capital for growth initiatives.

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About Delta Airlines

From being the first and only US airline to voluntarily limit greenhouse gas emissions to 2012 levels to last year’s commitment to be the world’s first carbon neutral airline, Delta has long been committed to sustainable air travel. Delta was the # 1 airline recognized by Barron’s among America’s Most Sustainable Companies in 2020. It was the only US airline to be included in the S&P Sustainability Yearbook 2021 and was recognized with the Vision for America Award by Keep America Beautiful and the Superhero Corporate Award from the Captain Planet Foundation. Delta has also earned a spot on the FTSE4Good Index for six consecutive years and on the Dow Jones Sustainability North America Index for ten consecutive years. Please visit Delta.com/sustainability for more information.