United Airlines and Honeywell UOP Ecofining’s Investment in Alder Fuels

Sidley Austin advised United Airlines on the deal, while Crowell & Moring advised Honeywell. Latham & Watkins represented Alder Fuels in the transaction.

United Airlines announced its joint multimillion-dollar investment with Honeywell UOP Ecofining in Alder Fuels, a cleantech company that is pioneering first-of-its-kind technologies for producing sustainable aviation fuel (SAF). As part of the agreement, United Airlines is committing to purchase 1.5 billion gallons of SAF over 20 years from Alder Fuels when produced to United Airlines’ requirements. United Airlines’ purchase agreement, which is one and a half times the size of the known purchase commitments of all global airlines combined, makes this easily the largest publicly announced SAF agreement in aviation history. United Airlines’ joint investment in Alder Fuels is the latest by United Airlines Ventures, a venture fund launched earlier this year that focuses on startups, upcoming technologies, and sustainability concepts that will complement United’s goal of net zero emissions by 2050 – without relying on traditional carbon offsets.

The Sidley deal team includes Kevin P. Lewis (Houston, Picture), Sandi Knox (Palo Alto), Paul M. McBride (New York), Matthew E. Johnson (Palo Alto), Jason J. Lawler (Century City), and Shaika Ahmed (Palo Alto), with additional support from Joshua T. Hofheimer (Century City), Suresh T. Advani (Chicago), Howard J. Stanislawski (Washington, D.C.), Samuel N. Tiu (Los Angeles), Stephen Abreu (San Francisco), Daphne Chen (Palo Alto), and Femi Aborisade (Houston).

The Crowell & Moring team was led by Jon O’Connell (San Francisco) and Mark Kass (Washington, D.C.), with support from Charlie Hwang (Washington, D.C.), Vince Galluzzo (Washington, D.C.), Anne Li (New York), John McCarthy (Washington, D.C.), Matt Pelnar (San Francisco), Steve Ryan (Washington, D.C.), Manuela Siragy (Washington, D.C.), and Justin Lurie (New York).

Latham & Watkins represented Alder Fuels in the transaction with a corporate deal team led by Houston partner Justin Stolte, Bay Area partner Jim Morrone, and New York partner Steven Betensky, with Bay Area associates Ajay Sundar and Ryan Wong and New York associate Sebastian Moss. Advice was also provided on commercial matters by Houston partner Jonathan Castelan, with Houston associates Sam Bentley, Morgan Moore, and Katie Walker; on environmental matters by Orange County counsel Joshua Bledsoe; on regulatory matters by Washington, D.C. counsel Kyle Jefcoat; on data and technology transactions matters by New York associates Dewey Kang and Victoria McGrath; and on tax matters by Bay Area partner Kirt Switzer.

Involved fees earner: Vincent Galluzzo – Crowell & Moring LLP; Anne Li – Crowell & Moring LLP; Charles Hwang – Crowell & Moring LLP; Mark Kass – Crowell & Moring LLP; John McCarthy – Crowell & Moring LLP; Jon O’Connell – Crowell & Moring LLP; Matthew Pelnar – Crowell & Moring LLP; Sam Bentley – Latham & Watkins; Steven Betensky – Latham & Watkins; Joshua Bledsoe – Latham & Watkins; Jonathan Castelan – Latham & Watkins; Kyle Jefcoat – Latham & Watkins; Dewey Kang – Latham & Watkins; Victoria McGrath – Latham & Watkins; Morgan Moore – Latham & Watkins; Jim Morrone – Latham & Watkins; Justin Stolte – Latham & Watkins; Ajay Sundar – Latham & Watkins; Kirt Switzer – Latham & Watkins; Katie Walker – Latham & Watkins; Femi Aborisade – Sidley Austin LLP; Stephen Abreu – Sidley Austin LLP; Suresh Advani – Sidley Austin LLP; Shaika Ahmed – Sidley Austin LLP; Daphne Chen – Sidley Austin LLP; Joshua Hofheimer – Sidley Austin LLP; Matthew Johnson – Sidley Austin LLP; Sandi Knox – Sidley Austin LLP; Jason Lawler – Sidley Austin LLP; Kevin Lewis – Sidley Austin LLP; Paul McBride – Sidley Austin LLP; Howard Stanislawski – Sidley Austin LLP; Samuel Tiu – Sidley Austin LLP;

Law Firms: Crowell & Moring LLP; Latham & Watkins; Sidley Austin LLP;

Clients: Alder Fuels; Honeywell; United Airlines;

Martina Bellini

Author: Martina Bellini