BioJet International raises $1.2bn from Equity Partners
BioJet International, a company that aims to grow biological feedstock and refine it for use as jet fuel, has raised $1.2 billion in equity funding from Equity Partners Fund.
This is the largest ever finance transaction in the renewable jet fuel market.
“This funding gives us the capital BioJet needs to grow over the next five years,” says Mitch Hawkins, chairman of BioJet International. “But more importantly we hope it will act as a bellwether for capital to come into the whole renewable jet fuel market.”
Cayman based Equity Partners Fund will release the funding over three years. “It enables a clear path to the expansion of our Camelina, Jatropha, and Algae feedstock projects as well as our Avia renewable jet refining projects in Latin America, Asia, and Europe,” says Hawkins. “We will also be seeking acquisitions of listed companies which can add value geographically and strategically.”
IATA has said that 15% of all airline fuel should come from renewable sources by 2020. However, many bio-fuel specialists believe this is ambitious.