October 2, 2023
(Denver, Colorado) Today, Monday, October 2nd, Alder Renewables has further strengthened its commercial strategy and governance structure with the addition of company CEO Tim Obitts and former Vice President of the Boeing Company Dr. Sergey V. Kravchenko to the company board. Tim and Dr. Kravchenko will join a board that also includes former United States Secretary of the Navy and Governor of Mississippi, Ray Mabus and the Founder and CEO of Adequita Capital, Xavier Adserà.
Dr. Kravchenko worked for almost 30 years in different leadership positions for the Boeing Company—the sustainability leader in the aerospace industry. His areas of expertise include engineering, aviation services, airport technologies, global talent and innovation, and international strategies. During his career, Sergey actively participated in the development of Boeing 777 and 787 commercial aircraft, which are the most fuel-efficient and environmentally friendly airplanes in the world. Before joining Boeing, Dr. Kravchenko worked as a research scientist and a professor. He has published more than 50 scientific papers and 19 patents in different areas of engineering and aerospace.
Xavier Adserà, Alder Renewables Board Chair, commented, “Throughout 2023, under Tim’s leadership, the Alder Renewables team has put in place the governance structure and financial strategy that bends the curve from start-up to scale-up. The company has now reached that destination. We are ready to take this proven technology to market, and bringing Sergey onboard is an integral part of that vision. The next phase is about commercialization and growth. There is a renewed sense of purpose and optimism at Alder Renewables.”
Tim Obitts, Alder Renewables CEO, commented, “I am delighted to welcome such a respected and world-leading aviation leader to the Alder Renewables Board. As we embark on our commercialization journey, Sergey’s depth of experience will be priceless. His resume is extraordinary, but Sergey is, at his core, a transformation and innovation leader. We could not be happier that he has joined our decarbonization mission.”
Dr. Sergey V. Kravchenko commented, “On the road to the sustainable aerospace, the Alder Renewables value proposition is clear: they are building a foundational renewable platform. Alder Renewable Crude (ARC) has the power to unleash the sustainable fuel and products we need to transition and decarbonize efficiently—and at speed and scale. I have watched their technology development closely and I am excited to join the Board of Alder Renewables, and to bring my three decades of aviation experience to bear on the next step of the company’s technological and commercial journey.”
The recently rebranded Alder Renewables is on a mission to replace fossil-based products and help rebalance our relationship with the planet. The company is approaching a critical point in its journey, with upcoming announcements regarding the use of miscanthus in its ARC production process, new investment opportunities, pilot project updates, and the path forward to commercialization.
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About Alder Renewables
Alder Renewables is on a mission to replace fossil-based products and help rebalance our relationship with the planet. We harness the power of abundant and sustainable biomass to create a low-carbon to carbon-negative renewable platform. We call it Alder Renewable Crude (ARC). ARC can be converted into sustainable aviation fuel (SAF), low-carbon marine and transport fuels, and bio-based chemicals. Alder Renewables is backed by Honeywell UOP, United Airlines Ventures, Dakia Energy, Directional Aviation, and Avfuel. Its technology has been trialed and tested at the Department of Energy’s National Renewable Energy Laboratory(NREL) with support from the U.S. Defense Logistics Agency. Announced in July 2022, Boeing will support testing and qualification of Alder-derived SAF including flight demonstrations to ensure readiness.
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