Aether Fuels (Aether), an advanced climate technology company announced US$8.5 million in pre-Series A financing via convertible notes.
The global syndicate includes JetBlue Ventures, the corporate venture capital (CVC) division of JetBlue, as well as TechEnergy Ventures (the CVC division of the Techint Group), Doral Energy Tech Ventures (the CVC division of Doral Energy), Foothill Ventures, and existing investor, Xora Innovation.
Aether makes sustainable fuels to enable large industries like aviation and ocean shipping to achieve net zero emissions. The fuel is made from low-cost and abundant waste carbon streams, such as captured carbon dioxide, industrial waste gases, municipal solid waste, agricultural residues, and waste biomass. Aether’s novel process combines feedstock flexibility with maximum yield and slashes plant capital costs, enabling dramatically better unit economics while also meeting stringent sustainability criteria, according to the statement.
Aether will use the funds to accelerate the development and scale-up of its proprietary production technologies, expand its demo facility in Chicago, and grow the global team.
“We are grateful to our investors for their confidence in our technology approach and scalable global business strategy,” said Aether CEO Conor Madigan. “Their support caps a year of breakthroughs that validated our technology and crystallized our roadmap to commercialization. In addition, we appointed experienced sustainable fuel executives to key R&D, operations, and engineering leadership roles in the U.S. and Singapore, and started planning for manufacturing scale-up. Thanks to our valued investors, we enter 2024 with greater capacity to innovate, execute, and drive growth.”
“Advances in sustainable technology are crucial to the future and longevity of aviation,” said JetBlue Ventures’ Managing Director, Ryan Chou. “Aether’s team first caught our attention because of their novel technology and credible go-to-market plan, and the potential of their innovations to drive significantly better SAF unit economics motivated us to invest. We are pleased to support the team in their next phase of growth.”
“Sustainable fuels are critical to the energy transition and Aether brings a highly differentiated approach to the table,” said TechEnergy Ventures’ Chief Investment Officer, Alejandro Solé. “Our diligence convinced us that their experienced team and core technology, and in particular their feedstock flexibility, high yield, and deep process intensification, will enable Aether to become an industry leader.”
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