Nov. 15, 2022 – Release here
NEXT’s flagship facility will provide a unique strategic location and assets to distribute biofuel
throughout the West Coast, could increase United’s sustainable aviation fuel supply
United has invested in more sustainable aviation fuel production than any other airline in the
world*
CHICAGO, Nov. 15, 2022 – Today, United Airlines Ventures (UAV) announced a strategic
investment in NEXT Renewable Fuels (NEXT), which is permitting a flagship biofuel refinery in
Port Westward, Oregon, with expected production beginning in 2026. NEXT is a Houston-based
company developing the biorefinery which, at full production, could produce up to 50,000 barrels
per day of Sustainable Aviation Fuel (SAF), renewable diesel, and other renewable fuels. UAV
could invest as much as $37.5 million into NEXT, as long as the company meets certain milestone
targets.
“Right now, one of the biggest barriers to increasing supply and lowering costs of
sustainable fuel is that we don’t have the infrastructure in place to transport it efficiently, but
NEXT’s strategic location and assets solve that problem and provide a blueprint for future facilities
that need to be built,” said Michael Leskinen, President of United Airline Ventures. “We believe
this investment will not only bolster NEXT’s ambitions and create near-term solutions to expand
our SAF supply, but further demonstrates our commitment toward producing SAF at the scale
necessary to decarbonize the aviation industry.”
NEXT’s biorefinery offers several unique benefits including access to a deep-water port,
an existing industrial-grade dock, and multi-modal logistics options, which facilitates access to
feedstock options and fast-growth SAF offtake markets on the west coast. NEXT has secured an
agreement with BP for sourcing 100 percent of its feedstock, further de-risking supply issues
smaller facilities have historically experienced. NEXT has also received a crucial air permit from
the State of Oregon. Once all the necessary approvals and permits are obtained and the
biorefinery is operational, it has the potential to be used as a platform to scale SAF and deploy
additional future technologies.“The clean fuels industry is taking off and our access to feedstocks, multi-modal
distribution, and major industry players positions us to be a leading SAF supplier on the West
Coast,” said Christopher Efird, CEO and Chairperson of NEXT. “United’s investment in NEXT
strengthens our resolve to be one of the clean fuels leaders in the transportation sector.”
Today’s announcement marks UAV’s fifth SAF-related technology investment, and its first
investment directly in a biorefinery. United has been an industry leader in advocating for
alternative jet fuel for years – including investing in more SAF production than any other airline in
the world and flying the world’s first passenger flight using 100% SAF in one engine. United also
launched the Eco-Skies Alliance program, which among its 30 corporate participants, has
collectively purchased more than 7 million gallons of sustainable aviation fuel.
Launched in 2021, UAV is a first-of-its-kind sustainability-focused ventures fund that
targets startups, upcoming technologies, and concepts that will complement United’s goal of net
zero emissions by 2050 – without relying on traditional carbon offsets such as voluntary offsets
or planting trees. To date, UAV’s portfolio includes SAF producers and other companies
advancing technologies including carbon utilization, hydrogen-electric engines, electric regional
aircraft and air taxis.
About United
United’s shared purpose is “Connecting People. Uniting the World.” From our U.S. hubs
in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington,
D.C., United operates the most comprehensive global route network among North American
carriers. United is bringing back our customers’ favorite destinations and adding new ones on its
way to becoming the world’s best airline. For more about how to join the United team, please visit
www.united.com/careers and more information about the company is at www.united.com. United
Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under
the symbol “UAL”. For further information about our environmental impact, review United’s
Corporate Responsibility Report and Annual Report on Form 10-K, available at
crreport.united.com and ir.united.com.
About NEXT
NEXT is a next generation fuels company dedicated to sustainably producing clean, low-
carbon fuels. The Company’s first project is a 50,000 barrel-per-day (“BPD”)/750 million gallon-per-year(“GPY”) RD/SAF refinery in Oregon with easy multi-modal access to the West Coast
demand markets. The project is advancing through permitting and expects to begin construction
upon completion of an Environmental Impact Statement (“EIS”) currently underway with the US
Army Corp of Engineers. RD and SAF are high margin liquid transportation fuels worldwide and
there is an urgent global demand for increased supply. To learn more about NEXT, please visit
www.nextrenewables.com.
United Airlines Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts
are, or may be deemed to be, forward-looking statements. Such forward-looking statements are
based on historical performance and current expectations, estimates, forecasts and projections
about our future financial results, goals, plans, commitments, strategies and objectives and
involve inherent risks, assumptions and uncertainties, known or unknown, including internal or
external factors that could delay, divert or change any of them, that are difficult to predict, may be
beyond our control and could cause our future financial results, goals, plans and objectives to
differ materially from those expressed in, or implied by, the statements. These risks, assumptions,
uncertainties and other factors include, among others, the parties’ ability to satisfy certain
conditions and any delay or inability of United Airlines to realize the expected benefits of the
investment. No forward-looking statement can be guaranteed. Forward-looking statements in this
press release should be evaluated together with the many risks and uncertainties that affect
United’s business and market, particularly those identified in the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections in United’s
Annual Report on Form 10-K for the year ended December 31, 2021, as updated by our
subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with
the Securities and Exchange Commission. The forward-looking statements included in this
document are made only as of the date of this document and except as otherwise required by
applicable law or regulation, United undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events, changed
circumstances or otherwise.
NEXT Cautionary Statement Regarding Forward-Looking StatementsAll statements other than statements of historical facts contained in press release are forward-
looking statements. Forward-looking statements may generally be identified by the use of words
such as “believe,” “may,” “will,” “estimate,” “continue,” “intend,” “expect,” “should,” “would,” “plan,”
“project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other
similar expressions that predict or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but are not limited to, statements
regarding estimates and forecasts of other financial and performance metrics, projections of
market opportunity and market share. These statements are based on various assumptions,
whether or not identified in this press release, and on the current expectations of NEXT’s
management and are not predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to serve as, and must not be relied
on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or impossible to predict and may differ
from assumptions, and such differences may be material. Many actual events and circumstances
are beyond the control of NEXT. These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign business, market, financial,
political and legal conditions, including the risk that any required regulatory approvals are not
obtained, are delayed, or are subject to unanticipated conditions that could adversely affect the
actual results; risks related to the rollout of NEXT’s business and the timing of expected business
milestones; the effects of competition on NEXT’s business. If any of these risks materialize or
NEXT’s assumptions prove incorrect, actual results could differ materially from the results implied
by these forward-looking statements. There may be additional risks that NEXT presently does not
know or that NEXT currently does not believe are immaterial that could also cause actual results
to differ from those contained in the forward-looking statements. In addition, forward-looking
statements reflect NEXT’s expectations, plans or forecasts of future events and views as of the
date of this press release. NEXT anticipates that subsequent events and developments will cause
NEXT’s assessments to change. However, while NEXT may elect to update these forward-looking
statements at some point in the future, NEXT specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as representing NEXT’s assessments as of
any date subsequent to the date of this press release. Accordingly, undue reliance should not be
placed upon the forward-looking statements. Neither NEXT nor any of its affiliates have any
obligation to update this press release