Brookfield to invest up to $1.1 bln in sustainable fuels provider Infinium
Sept 10 (Reuters) -Brookfield Asset Management BAM.TO will invest up to $1.1 billion in Infinium, in a push to accelerate the availability of low-carbon sustainable aviation fuels (SAF), the companies said on Tuesday.
WHY IT'S IMPORTANT
Sustainable aviation fuels, which are developed by companies such as Infinium, offer ultra-low carbon alternatives to fossil-based fuels, which can be used as replacements in planes, ships, trucks and manufacturing processes.
These fuels have seen a surge in investments, driven by the U.S. Environmental Protection Agency's Renewable Fuel Standard.
Infinium, a key player, provides electrofuels or eFuels like e-SAF and e-Diesel, produced by synthesizing captured CO2 and hydrogen from renewable or CO2-free electricity.
e-SAF is a cleaner alternative to SAF, but its production is limited, with few refineries and airlines committed to its use.
CONTEXT
According to the International Energy Agency, global energy-related CO2 emissions hit a record high last year.
Scientists have stressed the need to make steep cuts in CO2 emissions from fossil fuels to limit a rise in global temperatures and prevent runaway climate change.
BY THE NUMBERS
Brookfield will invest more than $200 million in Infinium's Roadrunner project, which is currently under development in West Texas.
The asset manager will invest an additional $850 million in other e-Fuels projects owned by Infinium globally.
Brookfield will join Breakthrough Energy Catalyst, which made a $75 million investment in Infinium's Roadrunner project last year.
In tandem with Catalyst's investment, Infinium had singed a deal with American Airlines AAL.O to sell commercial volumes of e-SAF starting in 2026.
KEY QUOTES
"In addition to Roadrunner, Infinium has a large pipeline of well-positioned projects to help meet the demand for the structurally short (high demand, low supply) eFuels market," Brookfield said in a statement.
Reporting by Vallari Srivastava in Bengaluru; Editing by Vijay Kishore
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