United Airlines has launched the United Airlines Ventures Sustainable Flight Fund SM with more than $100 million in investments from United and Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.
The "first-of-its-kind investment vehicle" aims to support start-ups focused on decarbonising air travel through research, production and technologies associated with sustainable aviation fuel (SAF).
"This fund is unique. It's not about offsets or things that are just greenwashing. Instead, we're creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch," said United chief executive Scott Kirby.
The carrier said passengers who buy a ticket on its website or app have the option to supplement United's investment, with the first 10,000 to do so receiving 500 MileagePlus Miles.
The fund is open to investment from corporations across industries and will prioritise investment in new technology, advanced fuel sources and proven producers.
United Airlines Ventures had earlier invested in Cemvita, Dimensional Energy, and NEXT Renewable Fuels, as well as investing in or signing purchase deals 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.
The airline said it will transfer selected existing SAF investments to establish the UAV Sustainable Flight Fund portfolio.