CleanJoule announced a $50 million investment round led by the principals of Indigo Partners. The round also included participation by GenZero, Cleanhill Partners and three airlines, namely Frontier Airlines, Wizz Air and Volaris.
Funds raised from the round will support the further development of CleanJoule’s technology to produce high-performance SAF from agricultural residues and other waste biomass more cost-effectively.
CleanJoule is a US based startup focused on the production of Sustainable Aviation Fuel (SAF).
Commenting on the funding Mukund Karanjikar, co-founder and chief executive officer, CleanJoule said: “As we advance on the commercialization of our fuel technology, CleanJoule is well-positioned to scale the supply of SAFs in the market and shorten the runway in the transition towards a greener aviation industry. We are proud to have the support of our new investor partners, who not only share our mission but who have chosen to place their capital and trust in us to drive the transformation of global aviation.”
Bill Franke, managing partner, Indigo Partners said: “Indigo Partners and its portfolio airlines are committed to decarbonizing air transportation, and the investment in CleanJoule will increase the supply of SAF to the industry. The company has developed a unique technology to convert abundantly available feedstocks into SAF with remarkable efficiency. We believe that CleanJoule will be a key player in the decarbonization puzzle of the aviation industry.”
Frederick Teo, chief executive officer, GenZero said: “CleanJoule’s fuel technology relies on widely available feedstock – agricultural waste – to produce a sustainable biofuel that could be cost-effective at scale with better fuel economy. Its unique approach also allows for higher levels of substitution with conventional aviation fuel thus creating a greater decarbonization impact. We are delighted to support CleanJoule to achieve greater adoption of SAF globally.”
Ash Upadhyaya and Rakesh Wilson, managing partners of Cleanhill Partners said: “We’re excited to extend our partnership with CleanJoule. As one of CleanJoule’s earliest investors, we recognized the high value of the company's technology and the viability of its approach. We look forward to the next steps towards accelerating the commercialization of its SAF technology.”
The funding round marks an important chapter in the global effort to mitigate carbon emissions and deliver meaningful climate action.