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

by Mike Robinson

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© Reuters. FILE PHOTO A Microsoft logo can be seen in Los Angeles (California U.S.A) November 7, 2017. REUTERS/Lucy Nicholson//File Photograph

By Laura Sanicola

(Reuters) – Microsoft (NASDAQ: ) will invest $50 million in a LanzaJet plant in Georgia, which will make jet fuel out of ethanol in the next year. LanzaJet stated.

Airline industry is among the most challenging to decarbonize. Investment bank Jefferies stated last year that renewable aviation fuel only accounted for 0.1% of global jet fuel consumption of approximately 330 millions tonnes. Investors and governments are working together to increase incentives for producing lower-carbon jet fuel.

LanzaJet, which is headquartered in Chicago, stated that it nearly finished on-site engineering for its Freedom Pines Biorefinery. The company plans to produce 10 million gallons per year of sustainable aviation fuel and diesel from sustainable bioethanol. 

Suncor Energy, British Airways, Shell, and other oil trading companies, such as Suncor Energy (NYSE) Inc., British Airways, and Shell (LON) Inc. also fund the company.

As airlines are under pressure by environmental groups to cut their carbon footprint, the White House declared last year it wanted to lower its aviation emissions by 20%.

Biden Administration has proposed tax credits to produce sustainable jet fuel in its Build Back Better legislation. This bill is currently deadlocked in Congress.

SAF-infused petroleum jet fuel will be increased by the European Union to 63% in 2050.

Microsoft launched the Climate Innovation Fund 2020 in order to invest $1 billion in the next four year to accelerate the development and deployment of carbon-removal technology.

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