LONDON, Sept 18 (Askume) – Climate technology company Air Company said it has received backing from aviation fuel supplier Avfuel in its latest funding round as it hopes to convert carbon dioxide into more climate-friendly products.
By mimicking the process of photosynthesis, carbon and hydrogen in the air are converted into impurity-free alcohol that can be used in products ranging from vodka to perfume. The $69 million raised in the Series B round will be used for engineering and research, the company said.
Avfuel led the round, and new investors include Alaska Airlines and venture capital firm LowerCarbon Capital. Existing investors, including automaker Toyota and the venture capital arm of JetBlue Airways, also participated.
Going forward, AvFuel will join the list of preferred providers of clean aviation fuel distribution and logistics, the airline said in a statement.
“Our technology is modular by design to promote adoption and scalability,” said Gregory Constantine, co-founder and CEO of AIR Company.
To date, the company has signed more than 1 billion gallons of sustainable aviation fuel agreements with airlines including JetBlue, Virgin Atlantic and Boom Supersonic, as well as a contract with the Department of Defense.
The company also completed the first unmanned flight using its jet fuel, which does not require mixing before use.
“The aviation industry faces serious challenges in meeting the growing demand for sustainable aviation fuels,” said CR Sincock, Avfuel’s executive vice president.
“SAF represents a vital pathway to decarbonisation, and Air Company’s innovative CO2-derived SAF technology stands out as a leading solution.
