JetBlue Ventures invests in and partners with early-stage startups improving the future of travel and hospitality. The company provides funding to promising startups.

JetBlue Ventures

Toyota Ventures is a San Francisco Bay Area-based venture capital firm that invests in early-stage startups from around the world. Founded in July 2017, its mission is to discover what’s next for Toyota by helping startups bring disruptive technologies and business models to market quickly. With more than $500 million in assets under management, the firm’s funds include the Toyota Ventures Frontier Fund focused on artificial intelligence, cloud computing, autonomy, mobility, robotics, smart cities, digital health, financial technologies, materials, and energy; and the Toyota Ventures Climate Fund focused on innovative solutions for carbon neutrality.

Toyota Ventures

We back audacious founders at Seed and Series A around the globe.

QP Ventures

Parley provides environmental consulting, prevention of underwater pollution, ocean preservation, sustainability and eco-fashion services.

Parley

Alumni Ventures Group provides high-quality, diversified venture portfolios to individual investors who previously haven't had access to VC. It helps accredited alums from top entrepreneurial schools invest together in the ventures of fellow alums. The firm backs companies with an alumni connection and an institutional lead investor with expertise in the space. AVG also offers focused funds that allow any accredited investor access to a venture portfolio, diversified by type, sector, stage, and geography. Beth Obermiller, Michael Madden, and Mike Collins co-founded the firm in Manchester, New Hampshire in 2013.

Alumni Ventures

Avfuel is a supplier of aviation fuels, systems, and services. They specialize in the logistics and supply chain of aviation fuel, from refineries to aircraft. Avfuel provides services to a wide range of customers, including airports, fixed-base operators (FBOs), and commercial operators.

Avfuel

In-Q-Tel identifies and partners with companies developing cutting-edge technologies to help deliver these solutions to the Central Intelligence Agency and the broader U.S. Intelligence Community (IC) to further their missions.

In-Q-Tel

[Connecticut Innovations](http://www.ctinnovations.com) provides strategic capital and operational insight to to companies in high-tech industries such as energy, biotechnology, information technology, and photonics. Their mission is to be the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. By offering flexible financing, strategic guidance and introductions to valuable partners, Connecticut innovations enable promising businesses to thrive.

Connecticut Innovations

Founded in 1989, JSSI is the only hourly cost maintenance provider covering virtually all makes and models of business aircraft, engines and APUs. JSSI provides its customers with comprehensive, flexible and affordable financial tools for managing the often unpredictable costs of operating and maintaining nearly all types of turbine-powered aircraft, including jets, turbo-props and turbine-powered helicopters. JSSI serves customers globally and manages maintenance services through its worldwide infrastructure of certified technical advisors.

Jet Support Services

Duncan Aviation is the world’s largest privately owned business jet support facility. They provide business aircraft operators with every aircraft service they need. Yet They do so with the friendliness and responsiveness of a small-town company. Customers often visit their  major MRO facilities in Battle Creek, Michigan; Lincoln, Nebraska; and Provo, Utah, and are surprised at Their vast array of services, Their innovative solutions and Their excellent customer service. They provide aircraft acquisition & sales, airframe & engine maintenance, avionics installations, interior & paint completions/modifications, avionics/instrument/accessory repairs & overhauls and parts support for Bombardier, Dassault, Textron, Gulfstream and Embraer manufactured aircraft. Their 20+ avionics satellites and 16 engine Rapid Response offices provide avionics and engine services in the field for scheduled and AOG work. And their parts team provides 24/7/365 support worldwide with knowledgeable reps who answer the phone day or night. Their people have a passion for aviation and for serving customers. They are among the most experienced in the industry and the quality of the service they provide is among the best in the world.

Duncan Aviation

Lowercarbon Capital funds research and invests in technologies to reduce CO2 in the atmosphere. The world has ignored the scientists, inventors, and entrepreneurs who are pursuing solutions to lower emissions, remove carbon, actively cool the planet, and save human, animal, and plant life.

Lowercarbon Capital

Alaska Airlines provides rewarding careers in aviation by fueling a passion for service and helping others. All candidates will receive consideration for employment without regard to any characteristics protected by law.

Alaska Airlines

Carbon Direct Capital provides selective investment in growth-stage carbon management companies to drive climate impact and financial returns. It specializes in investing with a science-focused approach that maximizes climate impact and financial returns.

Carbon Direct Capital

Air Company

Air Company is a carbon utilization company creating consumer and industrial products from carbon dioxide (CO2). The company’s patented and proprietary Carbon Conversion Reactor mimics photosynthesis, using only air (CO2), water, and sun (renewable energy) to create carbon-negative alcohols and fuels from CO2. With three consumer products (AIR Vodka, AIR Hand Sanitizer, and AIR Eau de Parfum) brought to market thus far, Air Company is moving towards world-scale impact with its latest innovation – CO2-derived sustainable aviation fuel (SAF). The company’s AIRMADE™ SAF will be certified by the Roundtable on Sustainable Biomaterials (RSB) and the International Sustainability & Carbon Certification (ISCC).  Air Company has received $40MM in venture capital funding to date and won an incredible amount of highly acclaimed awards: TIME Best Inventions, Fast Company World Changing Ideas, the NASA CO2 Conversion Challenge, R&D World’s R&D 100, and most recently, the Keeling Curve Prize, among others. Air Company is the future of carbon technologies. It is redefining what a regenerative future that works with nature, rather than against it, could look like.

Air Company uses CO2 to produce consumer and industrial products. The company’s patented and proprietary AIRMADE technology integrates captured CO2, water, and renewable energy by using the company’s Carbon Conversion Reactor to produce sustainable alcohols and fuels. The company’s three consumer products include AIR Vodka, AIR Hand Sanitizer, and AIR Eau de Parfum. Air Company also trials SAF made from CO2.

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

AIR COMPANY: Carbon Conversion Company Secures $69 Million (Series B)

Air Company uses CO2 to produce consumer and industrial products. The company’s patented and proprietary AIRMADE technology integrates captured CO2, water, and renewable energy by using the company’s Carbon Conversion Reactor to produce sustainable alcohols and fuels. The company’s three consumer products include AIR Vodka, AIR Hand Sanitizer, and AIR Eau de Parfum. Air Company also trials SAF made from CO2.Key customers and partnershipsIn September 2022, the company announced its initial launch of AIRMADE SAF produced from captured CO2. Global aviation companies including JetBlue (25 million gallons), Virgin Atlantic (100 million gallons), and Boom Supersonic (five million gallons) have agreed to purchase over one billion gallons of SAF.In February 2023, Air Company inked a USD 65 million agreement with the US Air Force to explore and test SAF production and deploy the infrastructure and technology needed for the Air Force to produce SAF.

Prometheus follows a next-gen electro-chemical-based approach to convert CO2 into carbon-neutral fuel using renewable energy and carbon nanotubes. Industrial fans suck ambient air and blow it across a waterfall that absorbs CO2 and additional water. The electricity “charges” and “energizes” captured carbon with hydrogen molecules from water to create long-chain alcohols. Alcohols are then harvested using a special type of membrane called the Maxwell Core. Its pores are carbon nanotubes, which allow alcohol through while rejecting water. A final catalyst step combines the alcohols and recovers water. The company claims that it is the only one in the world that can separate alcohol from water economically. This step can be customized to produce gasoline, diesel, or jet fuel.In <a href="https://prometheusfuels.com/news/our-finished-commercial-scale-stack-design-unlocks-lowest-cost-fuel">October 2022</a>, Prometheus completed the design of the commercial-scale cell and stack Titan Fuel Forge.Key customers and partnershipsIn June 2019, Prometheus partnered with Boom Supersonic (a company building the world’s fastest supersonic airliner) to supply carbon-neutral fuel for the flight test program of one of its demonstrator aircraft scheduled for 2021. In July 2021, the company entered into a purchase agreement with American Airlines to supply 10 million gallons of carbon-neutral jet fuel.&nbsp;

Prometheus Fuels

UK-based Storegga Geotechnologies (Storegga) provides carbon capture and storage (CCS) solutions for energy-intensive sectors such as petrochemicals, agriculture, and airlines. In July 2020, Storegga acquired Pale Blue Dot Energy (PBDE), through which the company became the lead developer of the Acorn CCS Project (the UK’s first large-scale carbon capture project). In August 2022, Storegga launched a new entity <a href="https://sp-edge.com/updates/11990">“Storegga Americas” </a>to explore clean fuel opportunities and to scale up its operations across the US, Canada, Latin America, and the Caribbean.Key customers and partnershipsIn June 2021, Storegga partnered with Carbon Engineering, a Canadian direct air capture (DAC) startup, to initiate engineering and designing a new facility in North East Scotland, which could remove between 500,000 and one million metric tons of CO2 from the atmosphere annually. The project was backed by a UK government grant of GBP 249,000 received in May 2021. In July 2021, Acorn CCS signed a memorandum of understanding (MoU) with SEGAL and FUKA gas terminals to capture carbon dioxide (CO2) from its operations. The two gas terminals will become the first customers for Acorn CCS. In August 2021, Storegga signed an MoU with Virgin Atlantic to secure the airline as an early customer.&nbsp;In March 2022, Storegga <a href="https://sp-edge.com/updates/9378">partnered</a> with Mitsui to commercialize its proprietary DAC technology. In June 2022, the company signed an MoU with <a href="https://sp-edge.com/updates/11230">Aker Carbon Capture</a> to deploy CCS projects in the UK. Other partners include Sval Energi, Talos Energy, Freeport LNG and <a href="https://sp-edge.com/updates/10230">ScottishPower</a>.In August 2023, Storegga together with Sval Energi, a Norwegian energy provider, and Neptune Energy, a UK-based oil and gas explorer, <a href="https://sp-edge.com/updates/21191">secured</a> their <a href="https://sp-edge.com/updates/16698">previously applied</a> CO2 storage license to develop the Trudvang CCS project in the Norwegian North Sea. In October 2023, the company signed an MOU with <a href="https://sp-edge.com/updates/22815">Svante</a> to develop CCUS projects by combining Svante's carbon capture and removal filter technology and Storegga's CO2 transportation and storage expertise. In <a href="https://sp-edge.com/updates/32814">August 2024</a>, the company partnered with PETRONAS and ADNOC to evaluate offshore CO2 storage capabilities in Malaysia.&nbsp;&nbsp;&nbsp;&nbsp;

Storegga Geotechnologies

Carbfix is an Icelandic carbon sequestration company that stores captured carbon dioxide (CO2) permanently underground. During the pilot phase of Carbfix, findings revealed that over 95% of the injected carbon dioxide mineralized within two years, in contrast to the previous understanding that it would take several hundred or thousands of years. Carbfix began as an academic-industrial research project in 2007 and was established as a subsidiary of Reykjavik Energy (OR), an Icelandic geothermal company, in 2019. Carbfix was spun out of OR in January 2020.As the technology requires vast amounts of water to dissolve carbon dioxide, in June 2021, Carbfix’s technology was validated to be used with seawater—applicable in regions where fresh water is scarce. The use of seawater with Carbfix’s technology is experimental, with a field pilot project scheduled in Iceland for 2022.Key customers and partnershipsIn August 2020, Climeworks, a Swiss company specializing in direct air capture (DAC) technology, along with ON Power, a Swiss geothermal energy provider, signed an agreement with Carbfix to scale up CO2 removal and storage. From September 2021, the new facility, located in Iceland, is expected to remove 4,000 tons of CO2 from the atmosphere per year. In 2017, Climeworks and Carbfix also partnered to operate a small-scale DAC and storage facility of 900 metric tons per year, also in Iceland.In July 2021, Aker Carbon Capture, a Norwegian carbon capture company, signed a memorandum of understanding (MoU) with Carbfix to collaborate on cost-efficient carbon capture and storage solutions. Elkem, a Norwegian environmentally responsible manufacturer of materials, has also partnered with Carbfix to reduce emissions of its alloys plant in Grundartangi, Iceland.In <a href="https://sp-edge.com/updates/21311">August 2023</a>, the company partnered with the University of Edinburgh (UoE) and the Scottish Universities Environmental Research Centre to evaluate CO2 mineralization in Iceland. In <a href="https://sp-edge.com/updates/23535">November 2023</a>, Carbfix injected dissolved CO2 in seawater underground in partnership with the universities of Geneva and Switzerland, Iceland GeoSurvey (ISOR), and University College London.In <a href="https://sp-edge.com/updates/28975">April 2024</a>, Carbfix partnered with Deep Sky, a Canadian carbon removal project developer to explore potential CO2 mineral storage options in Canada.Funding and financialsIn July 2022, Carbfix was awarded a grant of ISK 16 billion (USD 117 million) from the EU Innovation Fund for the deployment of its Code Terminal project (a CO2 transport and storage hub) to capture 3,000,000 tons of CO2 per annum by 2031.

Carbfix

Global Thermostat specializes in Direct Air Capture (DAC) technology to remove carbon dioxide (CO2) from the atmosphere. The company employs a proprietary process using amine-based adsorbents to capture CO2, which is then concentrated for various applications, including storage and conversion into fuels, chemicals, and other products. This technology aims to transform CO2 from a climate liability into a valuable resource, contributing to a circular carbon economy​In <a href="https://sp-edge.com/updates/29707">May 2024</a>, the company was acquired by Zero Carbon Systems, a developer of CO2 removal technologies, for an undisclosed sum.Key customers and partnershipsAs of August 2021, Global Thermostat had two pilot facilities in California and Alabama, each with the capacity to remove 3,000–4,000 metric tons of carbon dioxide per year. Since 2019, Global Thermostat has been in a partnership with ExxonMobil to scale commercially.In April 2023, Global Thermostat unveiled one of the world’s largest DAC units that permanently captures CO2 from the atmosphere. The unit had been under trial since the end of 2022, capturing 1,000 tons of CO2 per annum at the company’s US headquarters in Commerce City, Colorado. The DAC unit launched was a commercial-scale demonstration, with the company taking on pre-orders for DAC systems.In <a href="https://sp-edge.com/updates/26251">February 2024</a>, the company commissioned its first containerized T-Series system for the multi-ton scale DAC, with two microalgae producers, MicroBio Engineering Inc and Cyanotech Corporation, using this system to improve the production of microalgae biomass for renewable fuels in Kailua-Kona, Hawaii.Funding and financialsMost recently in May 2023, the company received an undisclosed investment from Sumitomo Corporation, via its US-based venture arm Presidio Ventures. The two companies had also signed a letter of intent (LoI) to identify and develop CCS projects globally.

Global Thermostat

Remora’s devices capture carbon emissions directly from truck tailpipes. They can be fitted onto tailpipes of existing trucks to capture carbon dioxide (CO2) for 600–1,200 miles before an offload. Remora’s solution was initially funded by the Environmental Protection Agency (EPA) and tested at the agency’s National Vehicle and Fuel Emissions Lab.The company’s technology has a capture efficiency of 80% and can offload the captured CO2 while refueling—to be sold to concrete producers and other end users. The proceeds from the sale of CO2 are expected to be shared across fleet owners and customers once commercialized. Funding and financialsIn February 2024, the company raised an undisclosed amount in a Series A funding round led by Voyager Ventures.&nbsp; Key competitors: None comparable (Remora is the only startup that captures carbon from truck tailpipes)

Remora

Solutions that capture CO2 from flue-gas stacks including both industrial stacks and vehicle tailpipes.

Solutions that capture CO2 from ambient air, including from indoor spaces.

Solutions that “recycle” captured CO2 to produce commercial products other than sustainable fuel, such as proteins, plastics, building materials, etc.

Solutions that permanently store captured CO2 underground.

Solutions that “recycle” captured CO2 to produce sustainable fuels

Recycles captured CO2 emissions to produce sustainable fuels and other products

ANALYST_QUICK_TAKE

<div>
 Air Company, a carbon conversion technology provider, has secured USD 69 million in Series B funding. The round was led by Avfuel and saw participation from organisations like Lowercarbon Capital, IQT, Alaska Airlines, Connecticut Innovation's Climate Tech Fund, Duncan Aviation, JSSI, and more. This investment brings Air Company's total funding to USD 108.1 million.
 The raised capital will be used to expand the company’s engineering and research &amp; development capabilities. This will fast-track the evolution of its advanced technology to cater to the escalating demand for Sustainable Aviation Fuel (SAF) in the commercial and government sectors. Existing investors, including Carbon Direct Capital, JetBlue Ventures, and Toyota Ventures, also contributed to the funding round.&nbsp;
</div> Analyst QuickTake: 
 The company converts CO2 into sustainable alcohol and fuels through its patented AIRMADE technology. Its technology has been validated through public and private sector partnerships, including previously announced SAF MoU agreements with major airlines, including JetBlue, Virgin Atlantic, and Boom Sonic, and a USD 65 million contract with the US Air Force Defense Innovation Unit.

Air Company

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