Byogy seeks up to $30 million to market alcohol-based jet fuel
December 6, 2011
California-based Byogy Renewables will seek as much as $30 million in funding from private equity and strategic investors by mid-2012, Bloomberg reported. The funds will be used to commercialize its alcohol-based fuel, and for testing by ASTM International.
“The main goal at the moment is certification of the alcohol to jet fuel process,” CEO Kevin Weiss told Bloomberg. “There are several steps through the ASTM process and at each point you generate more data and are required to boost the volume of fuel for the various testing requirements.” He said the company plans to form partnerships with sugar and ethanol producers, as it does not produce the alcohol itself.
The company has a strategic partnership with Qatar Airways, Weiss told ATW. According to Bloomberg, its partnership with the Doha-based carrier is to develop a non-competitive global supply chain to provide clean jet fuel to major airport hubs, possibly including building biofuel production facilities in the future.