The United Airlines Ventures Sustainable Flight Fund has increased its investment power to nearly $200 million and added eight new corporate partners, five months after its launch.
The fund was created as a way for companies and consumers to come together and increase the supply of sustainable aviation fuel (SAF) through the support of start-ups.
American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines and JetBlue Ventures, will join inaugural fund partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.
Sustainable Flight Fund
United customers also have the option to contribute to supplement the airline’s investment in the UAV Sustainable Flight Fund when they book flights. Since the fund launched, more than 60,000 United customers have contributed a total of more than $200,000.
SAF is an alternative to conventional jet fuel that, on a lifecycle basis, reduces greenhouse gas (GHG) emissions associated with air travel compared to conventional jet fuel alone. To date, United has invested in the future production of over five billion gallons of SAF – the most of any airline in the world.
“While United can’t decarbonise the airline industry alone, we can use our leadership and credibility in this space to rally others to join us,” said United Airlines Ventures President Michael Leskinen.
“Our new and inaugural participants demonstrate the impressive commitment within aviation and beyond to reduce our carbon footprint and combat the threat of climate change.
“As companies across the globe are increasingly looking for ways to reduce their environmental impact from flying, the UAV Sustainable Flight Fund presents a unique opportunity – instead of fighting over the current limited supply of SAF, with our partners, we’re working collaboratively to help scale the SAF industry itself, and to get an equity stake in groundbreaking technology while doing it.”Subscribe to the FINN weekly newsletter