American Airlines Hires Ocean Park to Assist With Renewable Jet Fuel Evaluation
September 28 2016 - 11:00AM
American Airlines announced today that it has retained Ocean Park,
a boutique investment bank with expertise in the renewable fuels
industry, to assist with evaluating alternative jet fuels and
identifying the most promising companies and technologies.
American recognizes the need to make jet fuel – the most
important component of its supply chain – more sustainable. The
airline is encouraged by the pace of developments within the
renewable jet fuel industry and is seeking opportunities to make
binding commitments to reliably source fuel that meets
specifications and is priced at or near market prices for
traditional jet fuel. American’s engagement with Ocean Park will
build on the airline’s longstanding work to advance renewable jet
fuels through the Commercial Aviation Alternative Fuels Initiative
(CAAFI) and Airlines for America (A4A).
“As the world’s largest airline and the largest global user of
jet fuel, we are committed to sustainability and reducing our
carbon footprint,” said Michael Baer, Managing Director of Fuel and
Energy Management at American Airlines. “This is the right time to
undertake a comprehensive review of the renewable jet fuel sector.
We look forward to working with Ocean Park to leverage its industry
relationships and understanding of this emerging industry.”
Ocean Park will engage with key entities in the advanced
biofuels and renewable jet fuel sectors to assist American in
further developing its renewable jet fuel strategy and identifying
specific opportunities. A key focus of Ocean Park’s effort will be
commercialization timelines for alternative pathways to the
production of renewable jet fuel. Ocean Park’s efforts will help
accelerate American’s desire to positively impact the overall
renewable jet fuel industry’s growth and development.
“We are pleased to assist American in this important
initiative,” said Bruce Comer, Managing Director at Ocean Park.
“For almost 30 years, Ocean Park’s principals have played a role in
developing the biofuels industry. We look forward to contributing
to the growth of the renewable jet fuel industry and helping to
build a winning strategy for American.”
American is part of the global aviation coalition supporting the
International Civil Aviation Organization (ICAO) goal for
international aviation to achieve carbon-neutral growth from 2020
onward. Delivering on this goal will require advances in
technology, operations and infrastructure, the cooperation of a
range of stakeholders, and supporting ICAO standards and policies.
The development and deployment of cost-competitive, renewable jet
fuels will help the global industry achieve carbon-neutral growth
while enhancing energy security.
About American Airlines GroupAmerican Airlines
and American Eagle offer an average of nearly 6,700 flights per day
to nearly 350 destinations in more than 50 countries. American has
hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami,
New York, Philadelphia, Phoenix, and Washington, D.C. American is a
founding member of the oneworld® alliance,
whose members serve more than 1,000 destinations with about 14,250
daily flights to over 150 countries. Shares of American Airlines
Group Inc. trade on Nasdaq under the ticker symbol AAL. In 2015,
its stock joined the S&P 500 index. Connect with American on
Twitter @AmericanAir and at Facebook.com/AmericanAirlines.
About Ocean ParkOcean Park is a boutique
investment bank that provides mergers and acquisitions, capital
raising, financial advisory, restructuring and consulting services
with extensive experience in the renewable energy, cleantech, food
and agribusiness industries. Ocean Park has completed 21 renewable
fuels M&A transactions totaling 500+ MPGY and worth more than
$400M since 2006. Any securities are offered through Ocean
Park Securities, LLC, a member of FINRA and SIPC. Ocean Park’s
professionals are licensed registered representatives of Ocean Park
Securities, LLC. For more information, please visit
www.oceanparkadvisors.com.
Corporate Communications
817-967-1577
mediarelations@aa.com
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