Northwest Advanced Bio-Fuels LLC In Final Round Discussions with Top-tier Investors for Sustainable Aviation Fuel (SAF) Project
Northwest Advanced Bio-Fuels, LLC (NWABF) today announced that it is in final funding discussions to raise hundreds of millions of dollars for its SAF Project, which will produce and supply 60+ million gallons of SAF annually for Delta Air Lines.
NWABF is currently holding serious, active investment discussions with top U.S. Infrastructure and Energy Investment firms, including some of Wall Street’s finest, and also with industry partners, in reviewing the SAF investment opportunity. The company has already received investment term sheets for the construction CAPEX of the Project, from multiple qualified investors eager to participate in the Project’s funding needs. As a result, final development funding is expected to close soon.
These discussions are the logical “next step” forward in NWABF’s move toward finalizing funding for the SAF project in Washington State. Receiving financial commitments from key Energy and Infrastructure investment firms (not identified due to regulatory compliance issues) is a key sign of the project headed in the right direction, says Dave Smoot, manager and founder of the NWABF project.
“Our project is strong, on target and we’re getting investment interest from the right kind of investment partners,” he said. “Our projected production costs for this project are economically sound, and we have access to long-term feedstock from forest slash, sawmills, and chipping operations. And, of course, we have the 10-year Offtake Agreement with Delta Airlines, the largest agreement of its kind in the country. We are excited about the future.”
Bio-Fuels Project Background
Investment participation by top Infrastructure and Energy Investment firms will help to shine the light even brighter on NWABF and the emerging SAF opportunity in supplying more sustainable aviation fuels to its Offtake Partner.
In 2019, Delta Air Lines invested $2 million to collaborate with Northwest Advanced Bio-Fuels to study the financial feasibility of a biofuel production facility that produces sustainable aviation fuel and other biofuel products.
Earlier this year, NWABF also announced the selection of Black & Veatch, the global engineering, procurement, and construction firm, to spearhead the project as its EPC of record. And future prospects are promising – Bloomberg News reports that more widespread use of jet biofuels is expected in the coming years.
David P. Smoot
David Smoot has an extensive background in Project Development, including the Financing and Technology Integration for those Projects. Mr. Smoot also held positions of upper management with leading companies in the Computer Software and Hardware industries, including the Financing and Leasing industries specifically related to those industries prior to moving into the renewable energy industry which morphed into renewable fuels. Smoot has created a turnkey solution model not yet seen in the industry.