Shares of Rentech Inc. soared Tuesday after the company announced it would supply synthetic fuel to eight airlines for ground operations at Los Angeles International Airport beginning in late 2012.
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Rentech said it signed a multiyear agreement to supply the airlines with up to 1.5 million gallons per year of renewable synthetic diesel for their ground-service equipment at the airport.
Rentech said the carriers are Alaska Airlines, American, Continental, Delta, Southwest, United, UPS and US Airways.
The company negotiated with Aircraft Service International Group, which provides fueling services to many airlines at the airport. Rentech said it was the first such deal to supply renewable synthetic fuels to multiple U.S. airlines.
Rentech plans to make the fuel from green waste at a facility it hopes to build and begin production in late 2012 in Rialto, Calif. The plant would use waste such as yard clippings. The company said the fuel will meet clean-air targets set by California's low-carbon fuel standard.
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