US-based carbon conversion startup AIR COMPANY has raised $69 million in fresh funding to progress its proprietary Carbon Conversion Reactor technology, designed as a one-step system to transform carbon dioxide into products including sustainable aviation fuel. The Series B funding round was led by business aviation fuel supplier Avfuel and supported by sustainable investment groups and other aviation companies. Through the new process, CO2 that routinely would be discharged into the atmosphere is instead captured at source within industrial plants. Then, using its patented AIRMADE technology to mimic the natural process of photosynthesis, the company combines CO2 and green hydrogen to create SAF, alcohol and chemicals, including perfumes.

In addition to Avfuel, which will be represented on the AIR COMPANY board of directors, the latest backers of AIR COMPANY’s AIRMADE system include Alaska Airlines, sustainable investment groups Lowercarbon Capital, In-Q-Tel, and Connecticut Innovation’s Climate Technology Fund, plus aviation support businesses JSSI, Duncan Aviation and infrastructure provider Sheltair Aviation.

Previous investors JetBlue Ventures, Toyota Ventures and Carbon Direct Capital also participated in the latest capital raising, which will be used to boost AIR COMPANY’s engineering and research and development capabilities to accelerate development of the AIRMADE system to produce new fuels for commercial and government customers. US-based carrier JetBlue and UK-based Virgin Atlantic Airways are among the first customers to commit to buying SAF, as is the US Defense Innovation Unit, with a $65 million agreement.

The company says its one-step process is more energy-efficient than competing two-step conversion systems in which CO2 and green hydrogen are combined in a syngas generator then further processed in a Fischer-Tropsch reactor to create liquid fuel.

Once captured at industrial plants, the CO2 sourced by AIR COMPANY is cooled, pressurised and liquified, and green hydrogen is produced by the company through in-house electrolysis, powered by renewable energy.

Residual oxygen is discharged into the atmosphere, while the hydrogen gas and captured CO2 are each transferred to the Carbon Conversion Reactor which blends the two to directly produce liquid fuel.

“Our technology is designed to be modular to facilitate adoption and scalability,” explained the company’s CEO, Gregory Constantine.

“This adds flexibility to fuel supply chains, strengthens energy security, and fosters domestic job creation,” added Dr Stafford Sheehan, who, with Constantine, co-founded the business.

Said CR Sincock, Executive VP of Avfuel Corporation: “The aviation sector faces a critical challenge in meeting the growing demand for sustainable aviation fuel. SAF represents a crucial pathway to decarbonisation 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.”

Earlier this year, Avfuel also extended to 2027 a partnership launched in 2021 with SAF producer Neste to supply the fuel to business aviation operators and support facilities in the US. Each year of the deal, AvFuel has tripled its SAF offtake from Neste, a trend which it expects to continue under the extended agreement.

Among AIR COMPANY’s other new investors, several have supported other sustainable aviation programmes, including Lowercarbon Capital, which has also backed Sweden’s Heart Aerospace in developing the hybrid-electric ES-30 regional plane; Connecticut Innovation Climate Tech Fund, which has backed electric air taxi developer Eve Air Mobility; and In-Q-Tel, which has supported drone logistics company Swoop Aero.

“As we scale globally,” said AIR COMPANY, “we’ll commercialise our technology and products while offering equitable distribution of our systems to communities disproportionately affected by the climate crisis.” 

Photo: AIR COMPANY’s AIRMADE technology

Tony Harrington

Correspondent

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Finnish renewable fuels producer Neste is to supply sustainable aviation fuel to Wizz Air, which provides the low-cost carrier the opportunity to purchase 36,000 tonnes of SAF per year over a period of three years to use across its route network in Europe and the UK. The SAF volumes to be purchased are a key part of the airline’s environmental strategy to reduce carbon emissions intensity per passenger km by 25% by 2030 and reach net zero by 2050. Boeing has also reached an agreement with Neste to purchase 5.6 million gallons (21.2m litres) of blended SAF supplied by Neste’s partners EPIC Fuels, Signature Aviation and Avfuel to power its US commercial operations through 2023. Still in the United States, a collaboration involving Neste, Bell, Safran Helicopter Engines, GKN Aerospace and Virent has resulted in the first-ever single-engine helicopter to fly using 100% SAF.

In 2022, Airbus aircraft operator Wizz Air achieved its lowest-ever annual carbon intensity, which amounted to 55.2 grams per passenger/km, and picked up a number of industry sustainability awards.

“We continue to invest in innovative technology and believe that SAF is a key part of the solution for decarbonising the aviation industry,” said Ian Malin, EVP and Group CFO at Wizz Air. “The partnership with Neste reaffirms our progress in reducing our carbon emissions intensity, which is already one of the lowest in the world.”

Responded Jonathan Wood, VP Europe, Renewable Aviation at Neste: “We look forward to working with Wizz Air on the reduction of their carbon emissions, as we increase our annual SAF production to 1.5 million tonnes by the end of 2023.”

The purchase by Boeing more than doubles its SAF procurement from last year. The SAF will be blended with conventional jet fuel at a 30/70 ratio, with the volume of SAF supplied by Neste totalling around 1.7 million gallons. EPIC, Signature and Avfuel will supply the blended SAF for Boeing’s ecoDemonstrator programme and the company’s fuel storage in Washington state and South Carolina. Additionally, the three companies will supply blended SAF for generating emissions reduction benefits for Boeing to allocate for company operations including Dreamlifter and executive flights, and commercial airplane deliveries.

“As one of the top aircraft manufacturers in the world, Boeing is sending a clear message to the entire aviation industry through this purchase that SAF is a key solution to reduce greenhouse gas emissions from flying,” said Michael Sargeant, VP Americas, Renewable Aviation at Neste.

The 100% SAF-powered flight of the Bell 505 in Texas had been preceded by rigorous testing by Safran Helicopter Engines, the manufacturer of the helicopter’s Arrius 2R engine, and GKN Aerospace, the fuel system component supplier. Neste collaborated with Virent, the supplier of the bio-based aromatic additive, to blend, test and deliver the SAF as a 100% drop-in fuel.

“Neste is working closely with forerunners in the aviation industry on verifying that aircraft can run safely on 100% SAF,” said Wood. “This successful collaboration demonstrates that we are one step closer to enabling the entire aviation industry to take full advantage of 100% SAF as the key means to significantly reduce greenhouse gas emissions of air travel.”

Michael Thacker, EVP Commercial Business for Bell, said the flight was “a monumental achievement” for the sustainability and decarbonisation of the rotorcraft aircraft. “Showcasing a single-engine aircraft’s flight capabilities with 100% SAF signals Bell’s commitment to alternative fuel usage and builds on its sustainability practices in its flight operations,” he added.

Photo (Bell): The first-ever 100% SAF single-engine helicopter flight

Christopher Surgenor

Editor

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