New York-based climate tech firm AIR COMPANY has secured $69 million in funding from aviation fuel supplier Avfuel, among other investors, in its latest Series B funding round.
The capital injection will support the company’s research and engineering efforts to convert carbon dioxide (CO2) into eco-friendly products, including sustainable aviation fuel (SAF).
Using a technology that mimics photosynthesis, AIR COMPANY transforms carbon and hydrogen from the air into pure alcohols, which can be used in products like vodka and perfume.
In addition to Avfuel, the funding round saw participation from new investors such as Alaska Airlines and Lowercarbon Capital, as well as existing investors like Toyota Ventures and JetBlue Technology Ventures, AIR COMPANY said in a statement on Thursday.
Avfuel, which led the round, will become the preferred distributor and logistics provider for AIR COMPANY’s clean jet fuel and will also join its board.
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“SAF represents a crucial pathway to decarbonization, and AIR COMPANY’s innovative CO2-derived SAF technology stands out as a leading solution,” C.R. Sincock, Executive Vice President of Avfuel, said.
Gregory Constantine, co-founder and CEO of AIR COMPANY highlighted the competitive edge they are offering, stating, “Our technology is designed to be modular to facilitate adoption and scalability.”
AIR COMPANY has a $65 million contract with the Defense Innovation Unit at the U.S. Department of Defense and has successfully completed its first unmanned flight using its SAF, which requires no blending.
The company has already secured agreements for over one billion gallons of SAF with airlines including JetBlue, Virgin Atlantic, and Boom Supersonic.
