United, Honeywell Invest in New Clean Tech Venture from Alder Fuels, Powering Biggest Sustainable Fuel Agreement in Aviation History - United Hub

United, Honeywell Invest in New Clean Tech Venture from Alder Fuels, Powering Biggest Sustainable Fuel Agreement in Aviation History

United agrees to purchase 1.5 billion gallons of sustainable aviation fuel (SAF) over 20 years - which is one and a half times the size of the rest of the world's airlines' publicly announced SAF commitments combined
September 09, 2021

CHICAGO and DES PLAINES, Ill., Sept. 9, 2021 /PRNewswire/ -- United and Honeywell today announced a joint multimillion-dollar investment in Alder Fuels – a cleantech company that is pioneering first-of-its-kind technologies for producing sustainable aviation fuel (SAF) at scale by converting abundant biomass, such as forest and crop waste, into sustainable low-carbon, drop-in replacement crude oil that can be used to produce aviation fuel. When used together across the fuel lifecycle, the Alder technologies, coupled with Honeywell's Ecofining™ process, could have the ability to produce a carbon-negative fuel at spec with today's jet fuel. The goal of the technologies is to produce fuel that is a 100% drop-in replacement for petroleum jet fuel.

As part of the agreement, United is committing to purchase 1.5 billion gallons of SAF from Alder when produced to United's requirements. United's purchase agreement, which is one and a half times the size of the known purchase commitments of all global airlines combined, makes this easily the largest publicly announced SAF agreement in aviation history. United's purchase agreement with Alder also surpasses the previous record set by the airline in 2015 through its investment in Fulcrum BioEnergy with its option to purchase up to 900 million gallons of SAF.

"Since announcing our 100% green commitment in 2020, United has stayed focused on decarbonizing without relying on the use of traditional carbon offsets. Part of that commitment means increasing SAF usage and availability since it's the fastest way to reduce emissions across our fleet. However, to scale SAF as quickly as necessary, we need to look beyond existing solutions and invest in research and development for new pathways like the one Alder is developing," said United CEO Scott Kirby. "United has come further than any other airline making sustainable travel a reality by using SAF to power flights. Our leadership gives customers confidence that they are flying with an airline that recognizes the responsibility we have to help solve climate change."

"As a pioneer of the SAF market with UOP Ecofining™ technology, our work with United and Alder on this new technology will help transform the industry and support the growth of a zero-carbon economy," said Darius Adamczyk, Honeywell chairman and chief executive officer. "This solution will not only advance United's SAF commitment but can help the aviation industry meet its commitments to decouple increases in carbon emissions from growth in passengers."

According to the U.S. Department of Energy (DOE), U.S. forestry residues and agricultural residues alone could provide enough biomass energy to generate more than 17 billion gallons of jet fuel and displace 75% of U.S. aviation fuel consumption. If the U.S. were to broadly adopt regenerative agricultural practices, which capture more carbon in healthier soil compared to traditional methods, the U.S. could generate an additional seven billion gallons of SAF, which would completely replace the U.S.'s current fossil jet fuel consumption.

Alder's technology and demand for its fuel from the aviation industry create a large new market for biomass from regenerative practices. Use of this biomass further enables Alder's production process to be carbon negative over the fuel's lifecycle.

"Aviation poses one of the greatest technology challenges for addressing climate change and SAF has demonstrated the greatest potential. However, there is insufficient raw material to meet demand," said Bryan Sherbacow, CEO of Alder Fuels and senior advisor to World Energy, the company that owns and operates the world's first SAF refinery. "Alder's technology revolutionizes SAF production by enabling use of widely available, low-cost and low-carbon feedstock. The industry is now a major step closer to using 100% SAF with our drop-in fuel that accelerates the global transition to a zero-carbon economy."

Prior to founding Alder, Sherbacow built the world's first SAF refinery utilizing Honeywell's technology and subsequently contracted with United, enabling the airline to become the first globally to use SAF in regular operations on a continuous basis. Since then, United has purchased more SAF than any other airline and, with this agreement now, has more than 70% of the airline industry's publicly announced SAF commitments. Alder's research is supported by the U.S. Defense Logistics Agency, the DOE and a partnership with DOE's National Renewable Energy Laboratory (NREL), focused on developing technology to process organic waste and sustainable, non-food plant material into carbon-negative transportation fuels.

Honeywell innovation established the SAF market with its UOP Ecofining process, which is the first technology used to maximize SAF production for commercial aviation. Building on Honeywell's focus to create sustainable technology, Honeywell will utilize its expertise and proven process of developing sustainable fuels alongside Alder, applying proprietary hydroprocessing design to the process to jointly commercialize the technology. Commercialization is expected by 2025. This announcement is a clear example of how Honeywell's Sustainable Technology Solutions business can partner with early-stage companies and help them scale faster, access customers and advance research and development to help drive sustainability at the global level.

United's joint investment in Alder is the latest by United Airlines Ventures, a venture fund launched earlier this year that focuses on startups, upcoming technologies, and sustainability concepts that will complement United's goal of net zero emissions by 2050 -- without relying on traditional carbon offsets. In 2020, United became the first airline to announce a commitment to invest in carbon capture and sequestration and has since followed with investments in electric vertical takeoff and landing aircraft and 19-seat electric aircraft that have the potential to fly customers up to 250 miles before the decade's end.

About United

United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".

About United Airlines Ventures

United's corporate venture capital fund, United Airlines Ventures, allows the airline to continue investing in emerging companies that have the potential to influence the future of travel. The new fund will concentrate on sustainability concepts that will complement United's goal of net zero emissions by 2050 -- without relying on traditional carbon offsets -- as well as revolutionary aerospace developments and innovative technologies that are expected to create value for customers and United's operation. For more information about United Airlines Ventures, please visit https://www.united.com/ventures.

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

About Alder Fuels

Alder Fuels, founded by biofuel and aviation industry entrepreneur Bryan Sherbacow, is a process technology and project development company in the low-carbon energy industry. Alder is commercializing a process to produce crude oil that is carbon negative, scalable and cost-competitive with the petroleum it replaces. Critical to rapid, world-scale deployment, the process will be compatible with the existing petroleum refining and logistics infrastructure. The company's collaboration with United Airlines and Honeywell UOP is expected to propel use of new forms of biomass to power commercial aircraft, reduce fossil fuel consumption and commercialize technologies benefiting the flying public. It builds upon a decade-old relationship among the stakeholders in pioneering commercialization of industry-leading SAF technology. For more information about Alder Fuels, visit http://www.alderfuel.com/.

Forward Looking Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to United's and Honeywell's operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as "expects," "will," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "goals," "targets" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this press release are based upon information available to us on the date of this press release. Neither United nor Honeywell undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. United's and Honeywell's actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the risks and uncertainties set forth under Part II, Item 1A., "Risk Factors," of United Airlines Holdings, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and Honeywell's Annual Report on Form 10-K for the year ended December 31, 2020, as well as other risks and uncertainties set forth from time to time in the reports United Airlines Holdings, Inc. and Honeywell file with the U.S. Securities and Exchange Commission.

SOURCE United Airlines

For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com; Honeywell, Mike Hockey, Mike.hockey@honeywell.com, 832 285 4933; Alder Fuels, Alex Gibson, 803-361-3016, agibson@apcoworldwide.com

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