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. 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.

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 represents a major advancement toward 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 leveraging abundant domestic feedstocks, the company ensures scalable fuel production. 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.

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

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 has commercial partnerships with airlines including JetBlue and Virgin Atlantic, amongst others, and has been awarded multiple government contracts, including with NASA and the United States Department of Defense's Defense Innovation Unit. The company has received industry recognition through awards such as Time Best Inventions, Inc. Best in Business, Fast Company World Changing Ideas, and the XPrize for Carbon Removal.

AIR COMPANY’s many accolades include winning the prestigious Green Chemistry Challenge Award from the Environmental Protection Agency in October 2023, an award given to organizations that reinvent processes to reduce the generation of hazardous substances and byproducts. AIR COMPANY was also recently declared a winner for the World Economic Forum UpLink Sustainable Aviation Challenge, which accelerates the development of promising technology pathways that enable widespread uptake of SAF.

Learn more at AIRCOMPANY.com

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 as a supply and logistics company more than 50 years ago, Avfuel is core competent in every aspect that surrounds the delivery of fuel—from refinery to wingtip. Avfuel combines global access with personalized service throughout a fueling network of more than 3,500 locations worldwide and 675+ Avfuel-branded FBOs. Our 100% dedication to aviation demonstrates our passion and commitment to a global community that prospers on the movement of goods and services around the world. The tracking and reporting of environmental attributes will be managed via AvfuelZero, the sustainability segment of the company.

Contacts

Media:
press@aircompany.com