US startup CleanJoule Secures $50M Investment to Accelerate Sustainable Aviation Fuel Production
CleanJoule, a US startup, has successfully raised a significant investment of $50 million to expedite the production of sustainable aviation fuel (SAF). This funding round, led by Indigo Partners, a US-based private equity firm, witnessed the participation of GenZero, a decarbonisation-focused investment platform based in Singapore, as well as Cleanhill Partners, a US-based private equity firm specializing in sustainable aviation fuel development.
Frontier Airlines, Wizz Air, and Volaris, three prominent airlines, also joined the funding round to support CleanJoule's mission.
With the newly secured funds, CleanJoule aims to further enhance its technology for cost-effective production of "high-performance" SAF derived from agricultural residues and other waste biomass.
As part of the investment consortium, the three airlines have signed binding agreements to purchase a total of up to 90 million gallons of SAF. Additionally, the principals of Indigo Partners will obtain a board seat on CleanJoule's board of directors.
"The aviation industry represents a crucial frontier in carbon emissions mitigation. There has never been a more critical moment for us to spearhead the change by offering viable sustainable fuel alternatives," states Mukund Karanjikar, the CEO of CleanJoule. "With our advancements in fuel technology commercialization, CleanJoule is strategically positioned to scale the supply of SAFs in the market and expedite the transition towards a greener aviation industry."