AIR COMPANY Raises $69M in Series B to Commercialize Carbon Utilization Technology and Sustainable Aviation Fuels

Funding Will Accelerate the Production of AIRMADE® SAF, the Company’s CO₂-derived Sustainable Aviation Fuel and other Synthetic Fuels

September 18, 2024 07:29 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--AIR COMPANY, a carbon conversion technology company, today announced it has raised $69M in Series B funding to advance its technology, promote energy security, and drive emissions reductions in hard-to-abate sectors, such as aviation. Avfuel, a leading global supplier of aviation fuel and services, led the round and will be the preferred provider of distribution and logistics, plus environmental attribute tracking and reporting for AIR COMPANY. This funding marks a major step in scaling CO₂-derived SAF technology. Additional participants in the round included Lowercarbon Capital, IQT (In-Q-Tel), Alaska Airlines, Connecticut Innovation’s Climate Tech Fund, Duncan Aviation, JSSI, and the owners of Sheltair Aviation, among others. Existing investors Carbon Direct Capital, JetBlue Ventures, and Toyota Ventures also participated in the financing. As part of this investment, Avfuel will join the company’s board of directors.

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The new capital will bolster AIR COMPANY's engineering and R&D capabilities, accelerating the development of its advanced technology to meet increasing demand for clean fuels in both commercial and government sectors. AIR COMPANY is at the forefront of creating scalable sustainable aviation fuel (SAF) produced from carbon dioxide, which seamlessly integrates into existing aircraft and infrastructure. This investment will significantly accelerate large-scale production of fully formulated, CO₂-derived SAF.

Co-founded by Gregory Constantine and Dr. Stafford Sheehan, AIR COMPANY converts carbon dioxide into sustainable fuels through a streamlined, energy-efficient process. By utilizing abundant domestic feedstocks, AIR COMPANY ensures a sustainable and scalable fuel production process. Its technology has been validated through partnerships across both public and private sectors, including previously announced SAF MOU agreements with major airlines and a $65M contract with the Defense Innovation Unit.

“The aviation sector faces a critical challenge in meeting the growing demand for sustainable aviation fuel,” said C.R. Sincock, Executive Vice President of Avfuel Corporation. “SAF represents a crucial pathway to decarbonization, and AIR COMPANY’s innovative CO₂-derived SAF technology stands out as a leading solution. By partnering with AIR COMPANY, Avfuel is committed to accelerating the widespread adoption of this high-performing fuel and driving meaningful emissions reductions across the industry.”

“Our technology is designed to be modular to facilitate adoption and scalability,” said Gregory Constantine, Co-Founder and CEO of AIR COMPANY. “This adds flexibility to fuel supply chains, strengthens energy security, and fosters domestic job creation,” added Co-Founder Dr. Stafford Sheehan, AIR COMPANY’s President and CTO.

Steve Jbara, AIR COMPANY’s Chairman of the Board, remarked, "The trust and support from our investors underscore our commitment to transforming the energy sector with a vision for a sustainable and resilient future."

About AIR COMPANY

AIR COMPANY is a world leader in carbon conversion technology, paving the way to global energy security by transforming CO₂ into a valuable resource. Its proprietary AIRMADE™ Technology is an adaptable platform that allows any industry to efficiently produce high-demand, fully-formulated synthetic fuels and chemicals from captured CO₂ and hydrogen.

The company’s technology has attracted significant partnerships with major airlines such as JetBlue and Virgin Atlantic. It has also secured multiple government contracts, including agreements with NASA and the U.S. Department of Defense’s Defense Innovation Unit. AIR COMPANY has received recognition through numerous industry awards, including Time Best Inventions, Inc. Best in Business, Fast Company World Changing Ideas, and the XPrize for Carbon Removal.

AIR COMPANY’s accolades also include winning the prestigious Green Chemistry Challenge Award from the Environmental Protection Agency in October 2023. This award is given to organizations that reduce hazardous substances and byproducts in their processes. The company was also recently declared a winner of the World Economic Forum UpLink Sustainable Aviation Challenge, an initiative that accelerates the development of technologies that enable the widespread use of SAF.

Learn more at AIR COMPANY.

About Avfuel Corporation

Avfuel provides fuel and services—including sustainable fuel and initiatives—to the global aviation industry and is the leading independent supplier in the United States. Established over 50 years ago, Avfuel manages every aspect of fuel delivery, from refinery to wingtip, with a network spanning more than 3,500 locations worldwide. Avfuel combines global access with personalized service across 675+ Avfuel-branded FBOs. The company’s sustainability segment, AvfuelZero, will track and report environmental attributes for clients.