Raven SR has sign a memorandum of understanding to supply SAF to Japan Airlines for global routes, according to a news release.
The agreement provides for an initial 50,000 tons of SAF supply in 2025 with annual incremental increases to 200,000 tons for year 10. The supply will be produced by Raven SR at facilities planned for markets outside Japan.
“We expect that our agreement with JAL to supply SAF in strategic markets globally will enable buying local fuel produced from local waste,” Matt Murdock, CEO of Raven, said in the release. “We see growing interest in such efficiency and circularity in renewable fuel distribution for aviation and other transportation sectors.”
ITOCHU is one of several strategic investors in privately held Raven SR, which is currently undergoing a Series C with bank of America and Barclays.
The Japanese airline industry is required by the country’s General Assembly of the International Civil Aviation Organization (ICAO) to reach a goal of achieving net-zero CO2 emissions from aircraft by 2050. Starting in 2024, Japanese airlines must reduce or offset 15% of emissions from 2019 levels.
Global SAF supply currently comprises 0.03% of total jet fuel consumption due to a limited supply of feedstock like used cooking oils and tallow.
Raven SR plans to commence commercial production of SAF by 2025 in California and expand SAF production by 200,000 tons/year until 2034 in the US and Europe.
