CleanJoule announces $50 million investment by international consortium to accelerate SAF production
In Utah, CleanJoule, a U.S.-based startup focused on the production of SAF, announced a $50 million investment round led by the principals of Indigo Partners, a U.S.-based private equity firm. The round also included participation by GenZero, Cleanhill Partner, U.S.-based airline Frontier Airlines, Europe-based Wizz Air and Mexico-based 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.
Mukund Karanjikar, co-founder and chief executive officer of CleanJoule, said “The aviation industry presents a key frontier in carbon emissions mitigation. There has never been a more crucial time for us to lead the change than through viable sustainable fuel alternatives. 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.”
As part of the consortium’s investment, Frontier Airlines, Wizz Air and Volaris have signed binding agreements to purchase up to 90 million gallons of SAF.
Category: SAF
