In just five months, the United Airlines Ventures Sustainable Flight FundS Mincreased in size to nearly $200 million and welcomes American Express Global Business Travel, Aramco Ventures,Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines, and JetBlue Ventures
Fundwas launched in February to rally businesses and consumers to support the supply of sustainable aviation fuel (SAF) – more than 60,000 customers have contributed
CHICAGO : The United Airlines Ventures Sustainable Flight Fund – a way for companies and consumers to come together and increase the supply of sustainable aviation fuel (SAF) through the support of start-ups – has increased its investment power to nearly $200 million and added eight new corporate partners, five months after its initial launch.
American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines and JetBlue Ventures, willjoin inaugural fund partnersAir Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.
United customers also have the option to contribute to supplement the airline’s investment in the UAV Sustainable Flight FundSMwhen they book flights. Since the fund launched, more than 60,000 United customers have contributed a total of more than $200,000.
SAF is an alternative to conventional jet fuel that, on a lifecycle basis, reduces greenhouse gas (GHG) emissions associated with air travel compared to conventional jet fuel alone. To date, United has invested in the future production of over five billion gallons of SAF – the most of any airline in the world.
“While United can’t decarbonize the airline industry alone, we can use our leadership and credibility in this space to rally others to join us,” said United Airlines Ventures President Michael Leskinen. “Our new and inaugural participants demonstrate the impressive commitment within aviationand beyond to reduce our carbon footprint and combat the threat of climate change.As companies across the globe are increasingly looking for ways to reduce their environmental impact from flying, the UAV Sustainable Flight Fund presents a unique opportunity – instead of fighting over the current limited supply of SAF, with our partners, we’re working collaboratively to help scale the SAF industry itself, and to get an equity stake in groundbreaking technology while doing it.”
United will continue to recruit corporations across industries to join the fund and will prioritize investment in new technology, advanced fuel sources, and proven producers – all in an effort tohelp scale the supply of SAF. Partners also have the potential to gain preferential access to environmental attributes associated with United’s future supply of SAF.
SAF, which currently must be blended with conventional jet fuel to meet regulatory requirements for use within the aircraft, is being made from used cooking oil and agricultural waste, and, in the future, could be made from other feedstocks including household trash or forest waste. Through the UAV Sustainable Flight Fund, United intends to invest in a variety of SAF feedstocks and technologies. With the right policy incentives to produce SAF, United’s efforts could help build a future of sustainable flight.
UAV Sustainable Flight Fund
The UAV Sustainable Flight FundSM launched with more than $100 million in investments from United and its inaugural partnersAir Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.Through the fund, these partners and additional corporate participants will invest alongside United in SAF technology and production start-ups identified by United. In the past two years alone, United Airlines Ventureshas already made investments in or signed purchase agreements with companies using a variety of ingredients and technologies to produce SAF, including feedstocks like ethanol, animal byproducts, forestry and crop waste, and municipal waste, as well as early-stage, promising technologies like synthetic biology and power to liquids, incorporating renewable power, hydrogen and carbon capture processes. United Airlines Ventures has moved selected existing SAF investments into the UAV Sustainable Flight FundSMto establish the fund’s portfolio.
United’s Commitment to Net Zero Emissions by 2050
United aims to be 100% greenby reducing its greenhouse gas emissions by 100% by 2050, without relying on traditional carbon offsets. In addition to the UAV Sustainable Flight FundSM, United has launched a SAF purchasing program called the Eco-Skies Allianceand established a venture fund –United Airlines Ventures– to identify and invest in companies and technologies that can decarbonize air travel. These strategic investments include carbon capture, hydrogen-electric engines, electric regional aircraft and airtaxis. In May 2023, United received validation of our 2035 near-term emissions reduction target from the Science-Based Targets Initiative (SBTi) to reduce our carbon intensity 50% from a 2019 base year. This year, United became the first U.S. airline to show customers an estimate of each flight’s carbon footprint in their search.
About United
At United, Good Leads The Way. With U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers and is now the largest airline in the world as measured by available seat miles.