AIR COMPANY Secures $69M for Carbon Conversion Technology in Aviation
Key Ideas
- AIR COMPANY raises $69 million in Series B funding to finance engineering and research for converting carbon and hydrogen into impurity-free alcohols.
- Existing investors like Toyota and JetBlue, along with new backers including Avfuel, Alaska Airlines, and Lowercarbon Capital, support the initiative.
- The technology is modular, facilitating adoption and scalability, with offtake agreements for sustainable aviation fuel with major airlines and the Department of Defense.
- Aviation industry sees AIR COMPANY's CO2-derived sustainable aviation fuel technology as a crucial pathway to decarbonization, highlighting its innovative potential.
AIR COMPANY, a climate technology firm, has secured $69 million in Series B funding to advance its carbon conversion technology. The company aims to turn carbon and hydrogen in the air into impurity-free alcohols that can be used in various products, including vodka and perfume. Among the investors are carmaker Toyota, airline JetBlue, aviation fuel supplier Avfuel, Alaska Airlines, and venture firm Lowercarbon Capital. The technology, designed to mimic photosynthesis, is modular for easy adoption and scalability. AIR COMPANY has secured offtake agreements with major airlines like JetBlue, Virgin Atlantic, and Boom Supersonic, along with a contract with the Department of Defense. Notably, the company has successfully tested its jet fuel in an unmanned flight, eliminating the need for blending before use. This innovation addresses the aviation sector's challenge of meeting the demand for sustainable aviation fuel. Avfuel Corporation's Executive Vice President recognized AIR COMPANY's CO2-derived sustainable aviation fuel as a leading solution for decarbonization in the industry.