Clean Skies, Clean Seas: Aether Fuels Soars with $8.5M
Aether Fuels (Aether) announced that it secured a sum of $8.5 million in pre-Series A financing through convertible notes.
This funding has been provided by a global syndicate featuring notable entities such as JetBlue Ventures, the corporate venture capital (CVC) arm of JetBlue, TechEnergy Ventures (the CVC division of the Techint Group), Doral Energy Tech Ventures (the CVC division of Doral Energy), Foothill Ventures, and the existing investor, Xora Innovation.
Specialising in cutting-edge climate technology, Aether is committed to producing sustainable fuels that facilitate major industries like aviation and ocean shipping in achieving net-zero emissions.
The innovative fuel is crafted from cost-effective and abundant waste carbon streams, including captured carbon dioxide, industrial waste gases, municipal solid waste, agricultural residues, and waste biomass.
Aether's groundbreaking process seamlessly combines feedstock flexibility with optimal yield, significantly reducing plant capital costs. This not only results in markedly improved unit economics but also meets stringent sustainability criteria.
The secured funds will be channelled towards expediting the development and scaling up of Aether's proprietary production technologies. Additionally, the company plans to expand its demonstration facility in Chicago and bolster its global team.
Expressing gratitude to investors, Aether CEO Conor Madigan remarked, "We are grateful to our investors for their confidence in our technology approach and scalable global business strategy. Their support caps a year of breakthroughs that validated our technology and crystallised our roadmap to commercialisation."
He further highlighted the company's strategic moves, including the appointment of seasoned sustainable fuel executives in key leadership roles and the initiation of plans for manufacturing scale-up. "Thanks to our valued investors, we enter 2024 with greater capacity to innovate, execute, and drive growth."
JetBlue Ventures' Managing Director, Ryan Chou, emphasised the significance of advancements in sustainable technology for the aviation industry, stating, "Advances in sustainable technology are crucial to the future and longevity of aviation." He commended Aether's team for their novel technology and credible go-to-market plan, expressing satisfaction in supporting the company's next phase of growth.
TechEnergy Ventures' Chief Investment Officer, Alejandro Solé, underscored the pivotal role of sustainable fuels in the energy transition. He stated, "Sustainable fuels are critical to the energy transition, and Aether brings a highly differentiated approach to the table." Solé's confidence in Aether's experienced team, core technology, and unique features, such as feedstock flexibility positions the company to become an industry leader.
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Source: Aether Fuels