United Airlines' venture capital business, United Airlines Ventures (UAV), may invest up to USD37.5 million in an Oregon biofuel refinery being developed by Houston-based NEXT Renewable Fuels, provided the company meets certain milestones.
Announcing the strategic investment in a statement, UAV said the Port Westward refinery was expected to begin production in 2026 and could produce up to 50,000 barrels per day of sustainable aviation fuel (SAF), renewable diesel, and other renewable fuels.
"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," explained UAV President Michael Leskinen.
UAV said NEXT's bio-refinery had access to a deep-water port, an existing industrial-grade dock, and multi-modal logistics options, which facilitated access to feedstock options and fast-growth SAF off-take markets on the US West Coast. NEXT also secured an agreement with BP for sourcing 100% of its feedstock, further de-risking supply issues. In addition, the company received a crucial air permit from the State of Oregon. "Once all the necessary approvals and permits are obtained, and the bio-refinery is operational, it has the potential to be used as a platform to scale SAF and deploy additional future technologies," UAV said.
The announcement marks UAV's fifth SAF-related technology investment, and its first investment directly in a bio-refinery.
Launched in 2021, UAV is a sustainability-focused ventures fund that targets start-ups, upcoming technologies, and concepts that will complement United's goal of net zero emissions by 2050 without relying on traditional carbon offsets. To date, UAV's portfolio includes SAF producers and other companies advancing technologies including carbon utilisation, hydrogen-electric engines, electric regional aircraft, and air taxis.
