Fort Worth-based American Airlines on Thursday announced that it has retained the boutique investment bank, Ocean Park, to assist it with evaluating alternative jet fuels and to identify which companies and technologies are most promising.
In a release, American (Nasdaq: AAL) said that Ocean Park will bring its expertise in the renewable fuels industry.
American said that jet fuel is the most important component of its supply chain, and the company realizes it needs to make jet fuel more sustainable.
“As the world’s largest airline and the largest global user of jet fuel, we are committed to sustainability and reducing our carbon footprint,” Michael Baer, American’s managing director of fuel and energy management said in the release. “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.”
American said that the pace of new developments in the jet fuel industry in recent years has been encouraging and that the airline is looking to make binding commitments to reliably sourced fuel that meet its specifications and that is priced at or near market prices for traditional jet fuel.
American Airlines is the world’s largest airline, and it along with its American Eagle brand offer an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries.
American’s hubs at Dallas Fort Worth International Airport, Charlotte, Chicago, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, D.C.
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