NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Aviation Capital Group LLC (“ACG”) announced today its investment in the United Airlines Ventures Sustainable Flight FundSM. The United Airlines Ventures Sustainable Flight FundSM is a way for companies and consumers to come together and increase the supply of sustainable aviation fuel (SAF) through the support of start-ups. Five months after its initial launch in February, the fund has increased its investment power to nearly $200 million and added eight new corporate partners.
“ACG is honored to be a part of the UAV Sustainable Flight Fund,” said Gordon Grant, Vice President and Head of ESG at ACG. “Sustainable aviation fuel is essential to reducing the CO2 emissions of air transport, and it supports our efforts to partner with organizations to help our industry reach the goal of net zero emissions by 2050."
United customers also have the option to contribute to supplement the airline’s investment in the UAV Sustainable Flight FundSM when they book flights. Since the fund launched, more than 60,000 United customers have contributed for a total of more than $200,000.
SAF is an alternative to conventional jet fuel that, on a lifecycle basis, reduces greenhouse gas (GHG) emissions associated with air travel compared to conventional jet fuel alone. To date, United has invested in the future production of over five billion gallons of SAF - the most of any airline in the world.1
“While United can’t decarbonize the airline industry alone, we can use our leadership and credibility in this space to rally others to join us,” said United Airlines Ventures President Michael Leskinen. “Our new and inaugural participants demonstrate the impressive commitment both within aviation and beyond to work together to reduce our carbon footprint and combat the threat of climate change. As companies across the globe are increasingly looking for ways to reduce their environmental impact from flying, the UAV Sustainable Flight Fund presents a unique opportunity – instead of fighting over the current limited supply of SAF, with our partners, we’re working collaboratively to help scale the SAF industry itself, and to get an equity stake in groundbreaking technology while doing it.”
SAF, which currently must be blended with conventional jet fuel to meet regulatory requirements for use within the aircraft, is being made from used cooking oil and agricultural waste, and, in the future, could be made from other feedstocks including household trash or forest waste. Through the UAV Sustainable Flight FundSM, United intends to invest in a variety of SAF feedstocks and technologies. With the right policy incentives for the production of SAF, United’s efforts could help build a future of sustainable flight.
1 Based on publicly announced airline offtake agreements for future purchases of SAF.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws. Any such statements, other than statements of historical fact, are based upon ACG’s current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Accordingly, such statements are not guarantees or assurances of any aspect of future performance. Such statements speak only as of the time when made, and ACG undertakes no obligation to update any such statement unless required by law.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full-service aircraft asset managers with over 480 owned, managed and committed aircraft as of March 31, 2023, leased to roughly 95 airlines in approximately 45 countries. It was founded in 1989 and is a wholly owned subsidiary of Tokyo Century Corporation. Follow ACG on LinkedIn, and for more information, visit www.aviationcapitalgroup.com.
