United Airlines investing $30 million in biofuels producer

[Omaha Steve]

Source: AP

By DAVID KOENIG

United Airlines says it is investing $30 million in a biofuels company to reduce its vulnerability to oil-price shocks and limits on carbon emissions from planes.

United officials said Tuesday that they expect to begin receiving fuel from Fulcrum BioEnergy Inc. in 2018 and could be taking 90 million gallons a year by 2021.

That's enough fuel for 20,000 flights a year but just a drop in United's fuel bucket. The nation's second-biggest airline burned 3.9 billion gallons last year, including United Express flights.

United officials declined to disclose the airline's ownership stake in privately held Fulcrum, but the investment is a tiny fraction of United Continental Holdings Inc.'s $1.1 billion profit last year.

FULL story at link.

Read more: http://bigstory.ap.org/article/3b74ec4916104b7ea64cc8e671242608/united-airlines-investing-30-million-biofuels-producer

[Stargazer99]

1. Oh, the oil companies will not like this!