Major aircraft companies American Airlines and Alaska Air spearhead a fresh $150 million investment into innovative Sustainable Aviation Fuel technology.
The aviation industry is taking a significant step towards sustainability with the launch of the oneworld BEV Fund. This new venture, focused on sustainable aviation fuel (SAF), has been initiated with a long-term vision and staying power to bring solutions to market.
The oneworld BEV Fund, a collaborative effort between various airlines and Breakthrough Energy Ventures (BEV), aims to scale the availability and lower the cost of jet fuels to reduce the greenhouse gas emissions impact of aviation. The initial commitment for the fund is $150 million, with cornerstone investors Alaska Airlines and American Airlines leading the way.
Besides Alaska Airlines and American Airlines, the other investors in the oneworld BEV Fund include International Airlines Group (IAG), Cathay Pacific, Japan Airlines, and Singapore Airlines, the latter being a non-alliance investor.
Robert Isom, the American Airlines CEO and oneworld Chairman, has stated that reducing emissions from airline operations is crucial as it meets customer demands, improves competitiveness, and ensures the continuation of the economic benefits of commercial aviation for future generations.
The partners in the new fund have expressed concerns about the lifecycle environmental impact of first-generation SAF. High initial costs and feedstock challenges are some of the barriers facing the increased production of SAF. The oneworld BEV Fund will focus on addressing these concerns and identifying and scaling breakthrough SAF technologies that can deliver real emissions reductions for jet fuel, compete with fossil-based fuels on cost, and integrate seamlessly with today's aviation infrastructure.
According to Eric Toone, the chief technology officer at Breakthrough Energy and managing partner at Breakthrough Energy Ventures, the oneworld BEV Fund is designed to solve complex systems-level challenges related to SAF production. The fund has identified insufficient investment to date as a challenge to scaling SAF production at competitive prices in line with market needs.
The International Air Transport Association (IATA) anticipates that SAF production will double by 2025, but it will still represent only 0.7% of airlines' total fuel consumption. The oneworld BEV Fund, however, aims to support new technologies that can scale the availability of cost-competitive SAF, while minimizing other environmental impacts.
The oneworld BEV Fund, unlike other initiatives, has not been previously mentioned as addressing concerns about the lifecycle environmental impact of SAF. This unique focus sets it apart and underscores its commitment to sustainable aviation. The launch of the oneworld BEV Fund marks a significant milestone in the aviation industry's journey towards a more sustainable future.
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