Airline company OneWorld sets sail on a $150 million venture, spearheaded by Bill Gates, aimed at propelling synthetic aviation fuel (SAF) innovation.
The oneworld alliance, in partnership with Bill Gates' Breakthrough Energy Ventures (BEV), has announced the launch of a $150 million fund dedicated to sustainable aviation fuel (SAF). The oneworld BEV Fund aims to identify and scale breakthrough SAF technologies, with the ultimate goal of creating cost-effective, scalable solutions that meet market demands.
The oneworld BEV Fund was founded by the oneworld alliance airlines, including Alaska Airlines, American Airlines, IAG, Cathay Pacific, Japan Airlines, and Singapore Airlines, together with Breakthrough Energy Ventures as key investors. The fund is open to non-alliance investors, including Spirit Airlines.
The oneworld BEV Fund seeks to accelerate the global development of long-term aviation fuel solutions with lower emissions than conventional fuels. It aims to deliver real emissions reductions for jet fuel, compete with fossil-based fuels on cost, and integrate seamlessly with today's aviation infrastructure.
Eric Toone, Chief Technology Officer at Breakthrough Energy and Managing Partner at Breakthrough Energy Ventures, stated that the oneworld BEV Fund aims to identify and scale breakthrough SAF technologies. He acknowledged that these are complex systems-level challenges that will "take time to solve".
Lee Wen Fen, the Chief Sustainability Officer at Delta Airlines, highlighted the importance of the SAF industry attracting sufficient investments to increase production at competitive prices. She expressed her support for the oneworld BEV Fund, stating that it will play a crucial role in addressing the limited availability and high cost of SAF.
Nat Pieper, CEO of oneworld, said that by working together, they will be better positioned to create long-term solutions for the energy transformation of the aviation industry, which is vital to global economic growth. The global aviation sector generates approximately $4.1 trillion in economic activity and supports 86.5 million jobs. Currently, it contributes roughly 2-3% of the world's carbon dioxide emissions.
The location of the oneworld BEV Fund is not specified in the provided text. Bill Gates' Breakthrough Energy Ventures (BEV) will serve as the fund's capital investment manager. The oneworld BEV Fund is built with the long-term vision to bring solutions to the market.
The oneworld alliance, along with its member airlines such as International Airlines Group (IAG), Cathay Pacific, Japan Airlines, and Singapore Airlines, supports the fund. The alliance's focus is to create cost-effective, scalable SAF solutions that meet market demands, contributing to a more sustainable future for the global aviation sector.
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