United Airlines is launching a new $100M venture fund to invest in sustainable aviation fuel (SAF).
The new “United Airlines Ventures Sustainable Flight Fund” will focus on startups researching and developing ways to accelerate the production and distribution of sustainable aviation fuel.
Although United Airlines has a leading role in this initiative, as indicated by its name, the airline is not alone in this endeavour. The fund also see investments from Air Canada, Boeing, JPMorgan Chase, Honeywell and GE Aerospace.
Interestingly, travellers flying on United Airlines will also be able to make a contribution to supplement the fund, although the announcement did not provide details of the actual mechanism through which this will happen. However, the first 10,000 people to do so will be given 500 complimentary MileagePlus® miles as a reward.
United Airlines has previously invested in companies such as Cemvita, Dimensional Energy and NEXT Renewable Fuel, which use different pathways to produce sustainable aviation fuel.