- JetBlue (NASDAQ:JBLU) signs offtake agreement with bioenergy developer SG Preston in the move to ramp up its transition to sustainable aviation fuel (SAF).
- Targeting a start in 2023 and continuing over a 10-year period, SG Preston will deliver at least 670M gallons of blended SAF to JetBlue.
- The deal marks the first large-scale volume of domestically produced SAF for a commercial airline to New York’s metropolitan airports.
- JetBlue says it expects to invest more than $1B in purchasing SAF over the term of this agreement.
- This agreement together with previous commitments positions JetBlue well ahead of pace on its target to convert 10% of its total fuel usage to SAF on a blended basis by 2030 and will reach nearly 8% SAF usage by the end of 2023, report.
- Stock is up 0.7% in premarket trading.
- Earlier, Airline booking trends improve in the U.S. in latest read