United's Sustainable Flight Fund Surges to $200M+
United Airlines
The United Airlines Ventures Sustainable Flight Fund has expanded its investment power to almost $200 million and added eight new corporate partners, including American Express Global Business Travel and Aviation Capital Group.
The United Airlines Ventures Sustainable Flight Fund, a remarkable initiative that unites companies and consumers to bolster the supply of sustainable aviation fuel (SAF) through supporting start-ups, has achieved a significant milestone. In just five months since its launch, the fund has increased its investment power to nearly $200 million and welcomed eight new corporate partners.
The new partners joining the cause are American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines, and JetBlue Ventures. They will join the inaugural fund partners, including Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell, in their quest to advance sustainable aviation practices.
What's even more encouraging is that United Airlines' customers can actively participate in this endeavour. When booking flights, passengers have the option to contribute to supplement the airline's investment in the UAV Sustainable Flight FundSM. A remarkable 60,000 United customers have already contributed over $200,000 to the fund since its inception.
SAF plays a crucial role in reducing greenhouse gas emissions associated with air travel. United Airlines has been a front-runner in this effort, investing in the future production of over five billion gallons of SAF, a remarkable feat that sets it apart as the leading airline in this regard.
According to Michael Leskinen, the President of United Airlines Ventures, working together is vital. United Airlines hopes to set an example and encourage others to participate. The UAV Sustainable Flight Fund has two goals: to increase the availability of SAF and to expand the SAF industry. By collaborating with other partners, there is also an opportunity to invest in innovative technology and gain equity.
United remains committed to attracting more corporations from various industries to participate in the fund. Their priority is to invest in cutting-edge technologies, advanced fuel sources, and established producers to further expand the supply of SAF. Additionally, partners stand to gain preferential access to environmental attributes linked to United's future supply of SAF.
The SAF being developed currently involves blending it with conventional jet fuel to meet regulatory requirements. It is derived from sources like used cooking oil and agricultural waste, and the future holds even more promising feedstocks like household trash or forest waste.
Through the UAV Sustainable Flight Fund, United Airlines aims to invest in a diverse range of SAF feedstocks and technologies, paving the way for a greener future in aviation. With the right policy incentives, United's efforts could significantly contribute to building a sustainable flight industry.
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Source: PRNewswire
