JetBlue Technology Ventures Invests in TPG Rise Climate, Commits to Creating Travel Industry Sustainable
JetBlue Technology Ventures (JTV) announced that it would invest in TPG Rise Climate, the dedicated climate investing strategy of TPG's global impact investing platform TPG Rise, as a limited partner to drive sustainability in the aviation industry. JTV is the corporate venture capital subsidiary of JetBlue Airways.
TPG Rise Climate is a multibillion-dollar investment fund dedicated to advancing large-scale climate solutions. It works with businesses, entrepreneurs, and scientists working on new climate solutions in five areas, including decarbonised transportation.
Amy Burr, President of JetBlue Technology Ventures, said: "All industries have something to gain from working collaboratively on climate solutions that matter. TPG Rise Climate is deploying capital quickly to tackle the rising carbon emissions. we are eager to work alongside their team to ensure that the future of travel is sustainable."
The investment will see JTV join the fund's other corporate investors that form the TPG Rise Climate Coalition, which fosters knowledge-sharing and investment opportunities amongst its members.
Hank Paulson, Executive Chairman of TPG Rise Climate and former U.S. Treasury Secretary, said: "We are delighted to have JetBlue Technology Ventures join TPG Rise Climate as we work together to scale technology and solutions that can meaningfully reduce global greenhouse gas emissions. Like JTV, we see a tremendous opportunity to deploy capital towards decarbonising transportation and greening mobility. As limited partners and members of the Climate Coalition, we look forward to gaining access to JTV’s sustainable aviation expertise and leveraging their network across the broader travel industry."
This development comes after JTV and JetBlue announced their participation in the Aviation Climate Taskforce, a nonprofit organisation created by ten airlines and the Boston Consulting Group to accelerate breakthroughs in future technology for decarbonising aviation.
JTV's purpose is to help JetBlue better position itself with startup-led technologies that are destined to disrupt the travel sector, ultimately assisting the airline in achieving its net-zero aspirations. This is done by investing in cutting-edge ways to monitor and reduce emissions, more strict environmental regulations, and game-changing mobility that is powered by alternative propulsion systems.
JTV currently has four active investments, all of which are focused on sustainable climate technologies. Universal Hydrogen and Joby Aviation are two of its most well-known portfolio firms.