By Simon Jessop
LONDON (Reuters) – Local weather expertise agency AIR COMPANY mentioned it has secured backing from aviation gas provider Avfuel in its newest funding spherical because it seems to transform carbon dioxide into a variety of extra climate-friendly merchandise.
Utilizing a course of that mimics photosynthesis to show carbon and hydrogen within the air into impurity-free alcohols that can be utilized in every part from vodka to fragrance, it mentioned the $69 million Sequence B increase would finance engineering and analysis.
Alongside Avfuel, which led the spherical, have been new backers together with Alaska Airways and enterprise agency Lowercarbon Capital. Current traders together with the enterprise arms of carmaker Toyota (NYSE:) and airline JetBlue additionally took half.
Going ahead, Avfuel can be the popular supplier of distribution and logistics for the clear jet gas and would be part of the board, AIR COMPANY mentioned in a press release.
“Our expertise is designed to be modular to facilitate adoption and scalability,” mentioned AIR COMPANY co-founder and Chief Government Gregory Constantine.
To-date, the agency has offtake agreements for over a billion gallons of sustainable aviation gas with airways together with JetBlue, Virgin Atlantic and Growth Supersonic, and in addition has a contract with the Division of Protection.
The agency has additionally accomplished a primary unmanned flight utilizing its jet gas, which doesn’t have to be blended earlier than use.
“The aviation sector faces a vital problem in assembly the rising demand for sustainable aviation gas,” mentioned C.R. Sincock, Government Vice President of Avfuel Company mentioned.
“SAF represents a vital pathway to decarbonization, and AIR COMPANY’s progressive CO2-derived SAF expertise stands out as a number one resolution.
