Aviation Capital Group LLC (ACG) has announced investment in United Airlines Ventures Sustainable Flight Fund. Just five months post its initial launch in February, the fund has increased its investment power to nearly $200 million and added eight new corporate partners.
Going ahead, American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines and JetBlue Ventures, will join inaugural fund partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.
The United Airlines Ventures Sustainable Flight Fund is a way for companies and consumers to come together and increase the supply of sustainable aviation fuel (SAF) through the support of start-ups. United customers also have the option to contribute to supplement the airline's investment in the UAV Sustainable Flight Fund when they book flights. Since the fund launched, more than 60,000 United customers have contributed a total of more than $200,000.
“ACG is honored to be a part of the UAV Sustainable Flight Fund,” said Gordon Grant, vice president and head, ESG, ACG. “Sustainable aviation fuel is essential to reducing the CO2 emissions of air transport, and it supports our efforts to partner with organizations to help our industry reach the goal of net zero emissions by 2050."
United customers also have the option to contribute to supplement the airline’s investment in the UAV Sustainable Flight Fund when they book flights. Since the fund launched, more than 60,000 United customers have contributed for a total of more than $200,000.
“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 Michael Leskinen, president, United Airlines Ventures. “Our new and inaugural participants demonstrate the impressive commitment both within aviation and beyond to work together to reduce our carbon footprint and combat the threat of climate change.”
The UAV Sustainable Flight Fund launched with more than $100 million in investments from United and its inaugural partners Air 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.