Aircastle, Air New Zealand, Embraer, Google,
HIS, Natixis CIB, Safran, and Technip Energies are now part of
first-of-its-kind effort to reduce emissions and drive production
of sustainable aviation fuel (SAF) by providing startups with both
financial and strategic capital
United customers play a role too, with more
than 115,000 people contributing nearly $500,000 since February
2023
CHICAGO, Feb. 14,
2024 /PRNewswire/ -- United today announced that
Aircastle (a Marubeni & Mizuho Leasing Company), Air New
Zealand, Embraer, Google, HIS, Natixis Corporate & Investment
Banking, Safran Corporate Ventures, and Technip Energies are now
among the 22 corporate partners that make up the airline's The
United Airlines Ventures Sustainable Flight FundSM, a
first-of-its kind effort to reduce emissions and drive production
of sustainable aviation fuel (SAF) through investments in
startups.
These corporate partners make up all parts of the aviation
supply chain – airlines, aircraft and engine manufacturers, fuel
producers, engineering and technology experts, financiers, travel
management and more – and have now committed more than $200 million while collaborating to provide
strategic expertise to help the Fund's portfolio companies reach
commercialization.
Since its inception in February
2023, the Fund remains aviation's first and only
venture fund backed by a broad limited partner base and
created to identify and support startups advancing feedstock and
technology development focused on increasing the supply of SAF.
The airline has included a way for everyday consumers to
participate as well. Anyone using United.com or the United app has
an option to contribute to supplement United's investment in the
UAV Sustainable Flight FundSM before check-out. Users
have the choice to contribute $1,
$3.50 or $7.00.1 Continuing in the effort
toward climate transparency for our customers, United also now
shows an estimated carbon emissions for flights booked through
United.com or the United app. In less than 12 months, more than
115,000 people have contributed nearly $500,000 since February
2023.
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.2
"SAF is the best tool we have to decarbonize airplanes, but we
don't have enough of it. To create the fuel supply we need for our
fleet, United recognized that we would have to help build a
brand-new industry from scratch – like wind and solar in previous
decades," said Andrew Chang,
Managing Director of United Airlines Ventures. "As part of our
effort to build a new sustainable aviation ecosystem, we recruited
a group of partners with the industry expertise to support our
startups with both financial and strategic capital, to help them
navigate the entire process from conception to
commercialization."
Sustainable Flight Fund Milestones
- Added 22 corporate partners
- Raised more than $200 million in
committed capital
- Portfolio company milestones:
- Cemvita opens pilot plant in Houston
- OXCCU to start construction on pilot plant in UK
- Svante and Dimensional Energy begin utilization of CO2 captured
at Lafarge Canada Cement Plant
- EH2 opens first manufacturing plant
UAV Sustainable Flight Fund
The UAV Sustainable Flight FundSM is a
first-of-its-kind investment vehicle designed to leverage support
from cross-industry businesses in order to support start-ups
focused on decarbonizing air travel through SAF research,
technology and production. The fund is comprised of more than
$200 million in investment
commitments from United and corporate partners including: Air
Canada, Air New Zealand, Aircastle
(a Marubeni & Mizuho Leasing Company), American Express Global
Business Travel, Aviation Capital Group, Boeing, Boston
Consulting Group, Embraer, GE
Aerospace, Google, Groupe ADP, Hawaiian Airlines,
HIS, Honeywell, JetBlue Ventures,
Natixis Corporate & Investment Banking, Safran
Corporate Ventures, and Technip Energies, among
others. For more information about the fund, please visit
the United Airlines Ventures website.
Consumer Awareness and Call to Action
The default option for customer contributions is set at
$3.50 to illustrate the potential
impact of customer action at scale: if the 152 million people who
flew on United in 2022 each contributed just $3.50 to the UAV Sustainable Flight Fund, that
would be enough to design and build a SAF refinery capable of
producing as much as 40 million gallons of alternative fuel
annually.3
United's Commitment to Net Zero Emissions by
2050
United aims to be net zero by reducing its greenhouse gas
emissions by 100% by 2050, without relying on traditional carbon
offsets. In addition to the UAV Sustainable Flight
FundSM, United has launched a SAF purchasing program
called the Eco-Skies Alliance and established a venture fund –
United Airlines Ventures – to identify and invest in companies
and technologies that can help decarbonize air travel. These
strategic investments include carbon capture, hydrogen-electric
engines, electric regional aircraft and air taxis. In
May 2023, United received
validation of our 2035 near-term emissions reduction target
from the Science-Based Targets Initiative (SBTi) to reduce our
carbon intensity 50% from a 2019 base year. In 2023, United
became the first U.S. airline to show customers an estimate of each
flight's carbon footprint in their search. This year, United was
the only domestic airline to receive an 'A-" leadership band score
for Climate Change 2023 from CDP, formerly Carbon Disclosure
Project.
About United
At United, Good Leads The Way. With U.S. hubs
in Chicago, Denver, Houston, Los
Angeles, New York/Newark, San
Francisco and Washington, D.C., United operates the most
comprehensive global route network among North American carriers
and is now the largest airline in the world as measured by
available seat miles. For more about how to join the United team,
please visit www.united.com/careers and more information
about the company is at www.united.com. United Airlines
Holdings, Inc., the parent company of United Airlines, Inc., is
traded on the Nasdaq under the symbol "UAL".
United Cautionary Statement Regarding
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 relating to, among other things, plans and projections
regarding the company's environmental, social or governance (ESG)
goals, targets, commitments, strategies and initiatives and related
business and stakeholder impacts. All statements that are not
statements of historical facts are, or may be deemed to be,
forward-looking statements. Such forward-looking statements are
based on historical performance and current expectations,
estimates, forecasts and projections about our future plans,
objectives, goals, targets, commitments, strategies and initiatives
and involve inherent risks, assumptions and uncertainties, known or
unknown, including internal or external factors that could delay,
divert or change any of them, that are difficult to predict, may be
beyond our control and could cause our future plans, objectives,
goals, targets, commitments, strategies and initiatives to differ
materially from those expressed in, or implied by, the statements.
These risks, assumptions, uncertainties and other factors include,
among others, any failure to meet stated ESG goals, targets,
commitments, strategies and initiatives in the time frame expected
or at all as a result of many factors, including changing societal,
market, competitive, regulatory or stakeholder expectations, any
delay or inability of United Airlines or the United Airlines
Ventures Sustainable Flight Fund (the "SFF") to realize the
expected benefits of the investments, including from a delay or
failure of any project to be fully developed or become operational
or to produce sustainable aviation fuel or other ESG-related
product in the amounts contemplated or at all, or a failure of the
SFF to achieve any return on an investment by the SFF or a
realization of a partial or total loss of any investment by the
SFF. No forward-looking statement can be guaranteed.
Forward-looking statements in this press release should be
evaluated together with the many risks and uncertainties that
affect United's business and market, particularly those identified
in the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and "Risk Factors" sections in United's
Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other filings with the Securities and Exchange Commission. Risks
and uncertainties related to United's environmental compliance,
climate commitments and climate strategy are further described in
Part I, Item 1A. Risk Factors of United's Annual Report on Form
10-K for the fiscal year ended December
31, 2022—"We are subject to many forms of environmental
regulation and liability and risks associated with climate change
and may incur substantial costs as a result. In addition, failure
to achieve or demonstrate progress towards our climate goals may
expose us to liability and reputational harm."
The statements included in this press release are made only as
of the date of this press release and except as otherwise required
by applicable law or regulation, United Airlines undertakes no
obligation to publicly update or revise any statement, whether as a
result of new information, future events, changed circumstances or
otherwise. In particular, United Airlines reserves the right to
change, amend, supplement or abandon some or all of the statements
regarding goals, targets, commitments, strategies, initiatives,
intentions and other statements from time to time without
notice.
In addition, some of our disclosures in this press release are
estimates or based on assumptions due to inherent measurement
uncertainties. For example, United's statement that it has already
invested in the future production of more than five billion gallons
of SAF – the most of any airline in the world is based on publicly
announced future purchase agreements for SAF of certain airlines as
of the date hereof. The use of words such as "partnered,"
"partnering," "partner" and variations of such words in this press
release is not intended to and shall not be construed to imply that
a legal partnership relationship exists between United and any
other company.
1 Customers
will not have any interest in United's investments made with
customer contributions, and customers will not participate in any
gains or losses associated with United's investments in the UAV
Sustainable Flight Fund.
|
2 Based on
publicly announced airline offtake agreements for future purchases
of SAF.
|
3 United
derived these approximated figures based on an illustrative capital
expenditure benchmark of $200,000 per barrel per day to build a SAF
production facility.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/united-adds-new-corporate-partners-to-sustainable-flight-fund-that-now-exceeds-200-million-302061208.html
SOURCE United Airlines