KUALA LUMPUR, June 6 (Bernama) -- CleanJoule, a United States (US)-based startup focused on the production of Sustainable Aviation Fuel (SAF), announced a US$50 million investment round led by the principals of Indigo Partners, a US-based private equity firm. (US$1 =RM4.59)
The round also included participation by GenZero, a decarbonisation-focused investment platform company of Temasek based in Singapore; Cleanhill Partners, a US-based private equity firm focused on decarbonisation; and three airlines namely, US-based Frontier Airlines, Europe-based Wizz Air and Mexico-based Volaris.
“As we advance on the commercialisation of our fuel technology, CleanJoule is well-positioned to scale the supply of SAFs in the market and shorten the runway in the transition towards a greener aviation industry.
“We are proud to have the support of our new investor partners, who not only share our mission but who have chosen to place their capital and trust in us to drive the transformation of global aviation,” said CleanJoule co-founder and chief executive officer, Dr Mukund Karanjikar.
Funds raised from the round will support the further development of CleanJoule’s technology to produce high-performance SAF from agricultural residues and other waste biomass more cost-effectively.
According to CleanJoule in a statement, the funding round marks an important chapter in the global effort to mitigate carbon emissions and deliver meaningful climate action.
As part of the consortium’s investment, Frontier Airlines, Wizz Air and Volaris have signed binding agreements to purchase up to 90 million gallons of SAF. The principals of Indigo Partners will also receive a board seat on CleanJoule’s Board of Directors.
-- BERNAMA
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