(HON) Honeywell International’s Biofuel Powers Gulfstream

Honeywell International Inc.’s (HON) Green Jet Fuel was recently used to power the first transatlantic biofuel flight, Gulfstream G450. The flight, operated by Honeywell, landed at the Paris-Le Bourget Airport.

Gulfstream G450 was the first aircraft to fly from North America to Europe, and will be powered by equal proportion of Honeywell Green Jet Fuel and petroleum-based jet fuel. The mixed fuel powered one of the aircraft’s Rolls-Royce engines. Moreover, Gulfstream G450 was the first business jet to fly on biofuel.

The bio-fuel used to power the business jet has been derived from an energy crop called camelina. This energy crop production does not interfere with food crop production cycle and was grown and harvested by Sustainable Oils, a U.S.-based producer of camelina-based technology.

The use of Honeywell Green Jet Fuel decreased carbon dioxide emissions of the Gulfstream G450 by about 5.5 metric tons more in comparison with the flight being powered by petroleum-based fuel. Gulfstream targets to achieve carbon neutral growth by 2020 and reduce 50% carbon emissions by 2050 in relation to 2005.

Honeywell’s short-cycle businesses as well as its commercial aerospace spares and residential and commercial retrofit businesses are performing impressively well and are expected to support future growth outlook of the company. First-quarter 2011 was the eighth consecutive quarter in which orders in short-cycle businesses have increased. The company’s long-cycle backlog continued to be at near record levels.

The savings incurred from the implementation of Honeywell’s building techniques will be used for development without any need for outside funding. Further, the program will create job facilities for local contractors and housing authority residents.

Based in Morris Township, N.J., Honeywell International Inc. is a Fortune 100 company providing technical and manufacturing support to customers worldwide. It also provides aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Major competitors of Honeywell are BorgWarner Inc. (BWA), United Technologies Corp. (UTX) and Johnson Controls Inc. (JCI).

We currently maintain our Neutral rating on Honeywell, with a Zacks #2 Rank (Buy recommendation) over the next one-to-three months.

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