CleanJoule, a Salt Lake City, UT-based startup focused on the production of Sustainable Aviation Fuel (SAF), received a $50M in investment.
The round was led by the principals of Indigo Partners, and included participation from GenZero, a decarbonization-focused investment platform company of Temasek based in Singapore, Cleanhill Partners, a U.S.-based private equity firm focused on decarbonization and three airlines – U.S.-based Frontier Airlines, Europe-based Wizz Air and Mexico-based Volaris.
As part of the consortium’s investment, Frontier Airlines, Wizz Air and Volaris have signed binding agreements to purchase up to 90 million gallons of SAF. The principals of Indigo Partners will also receive a board seat on CleanJoule’s Board of Directors.
Led by CEO Dr. Mukund Karanjikar, CleanJoule is focused on developing technology to produce a cost-effective SAF, a biofuel used to power commercial aircraft but with a smaller carbon footprint. Its manufacturing process offers efficiency, feedstock flexibility, and a degree of decarbonization.