CleanJoule’s Milestone: $50 Million Raised for Sustainable Aviation Fuel
CleanJoule, a Salt Lake City-based startup, successfully raises $50 million in a funding round led by Indigo Partners. Their innovative technology aims to produce cost-effective jet fuel from agricultural waste, supporting the industry’s target of achieving net-zero carbon emissions by 2050.
Industry Support: Collaborators and Investors
GenZero, Cleanhill Partners, and three airlines – Frontier Airlines, Wizz Air, and Volaris – join Indigo Partners in supporting CleanJoule’s funding round. The participation of these stakeholders underscores the commitment to decarbonizing air transportation and increasing the supply of sustainable aviation fuel (SAF) in the industry.
Fueling the Transition: Converting Feedstocks to SAF
CleanJoule’s unique technology enables the conversion of abundant feedstocks, such as agricultural residues and waste biomass, into SAF. This breakthrough not only contributes to reducing carbon emissions but also addresses the challenge of cost-effectiveness in sustainable jet fuel production.
Commitment to Sustainable Aviation: Contracts for Fuel Purchase
As part of the investment, Frontier Airlines, Wizz Air, and Volaris have signed contracts to purchase up to 90 million gallons of CleanJoule’s sustainable aviation fuel. This demonstrates the industry’s readiness to embrace cleaner alternatives and supports the startup’s mission of driving the decarbonization of aviation.
A Key Player in Decarbonization: CleanJoule’s Impact on the Aviation Industry
Bill Franke, managing partner of Indigo Partners and chairman of Frontier, praises CleanJoule’s technology as a vital component in the decarbonization puzzle of the aviation industry. The startup’s efficient SAF production process positions them as a significant player in achieving sustainability goals and reducing the carbon footprint of air travel.
Advancing Net-Zero Emissions: CleanJoule’s Contribution to a Greener Future
With the support and investment garnered in this funding round, CleanJoule is poised to make significant strides in advancing sustainable aviation fuel production. Their commitment to converting agricultural waste into clean energy contributes to the global efforts of achieving a greener and more sustainable future in air transportation.