CleanJoule, a startup based in the US that focuses on producing sustainable aviation fuel (SAF), has secured a $50 million investment.
Aiming for net-zero emissions by 2050
The funding is led by Indigo Partners, a US private equity firm, and includes participation from GenZero, Cleanhill Partners, Frontier Airlines, Wizz Air and Volaris. The investment is a significant milestone in reducing carbon emissions and taking meaningful action against climate change. Sustainable aviation fuel (SAF) is used to power commercial aircraft with a lower carbon footprint and has the potential to reduce emissions in the aviation sector by up to 65% and achieve net-zero emissions by 2050, as stated by IATA.
Binding agreements from airlines
As part of this investment consortium, Frontier Airlines, Wizz Air, and Volaris have signed binding agreements to purchase up to 90 million gallons of SAF. Mukund Karanjikar, co-founder and CEO of CleanJoule, commented, “There has never been a more critical time to drive change than by developing viable sustainable fuel alternatives. CleanJoule is well-positioned to bridge the gap in transitioning to a greener aviation industry.”
“We rely on readily available raw materials”
Frederick Teo, CEO of GenZero, added, “CleanJoule's technology relies on readily available raw materials, such as agricultural waste, to produce a sustainable biofuel that can be cost-effective at scale and improve fuel efficiency.”
