The Oneworld airline alliance has partnered with Breakthrough Energy Ventures to launch a new investment fund to “accelerate the global development of long-term aviation fuel solutions that are cost effective, scalable, and have lower emissions than conventional fuels,” the alliance announced Wednesday.
The initial fund close was $150 million, led by cornerstone investors Alaska Airlines and American Airlines, with Oneworld members International Airlines Group, Cathay Pacific and Japan Airlines also contributing, as well as non-alliance member Singapore Airlines.
The BEV fund aims to invest in “novel, next-generation sustainable aviation fuel technologies, support the growth of alternative fuel markets to meet the long-term needs of the global aviation industry, create economic value for investors and regions around the world, drive technology innovation and develop a diverse and resilient SAF supply chain to meet future demand,” according to Oneworld.
dairoldi@thebtngroup.com (Donna M. Airoldi)
Source link