April 01, (THEWILL) – United has announced its $5 million investment in carbon capture technology company, Svante.
While United operates one of the most comprehensive global route network among North American carriers, Svante offers companies in emission-intensive industries, a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use, in a closed loop.
This new move is the latest announced investment from the new UAV Sustainable Flight FundSM, a first-of-its-kind investment vehicle that is designed to leverage support from cross-industry businesses, in order to support start-ups focused on decarbonising air travel through Sustainable Aviation Fuel (SAF) research, technology and production.
According to the airline, it also aims to be 100% green by reducing its geenhouse gas (GHG) emissions 100% by 2050, without relying on traditional carbon offsets.
Commenting, United CEO, Scott Kirby, explained, “Carbon capture technology has the potential to be a critical solution in the fight to stop climate change and has the added benefit of helping us scale the production of SAF.
“And at United we’re building on that approach by investing in both companies that can capture CO2 and others that can turn it into fuel. There’s no question that this carbon utilisation is in its infancy today, but as a leader in sustainable flying we must help build the foundation to deploy this technology of the future as expediently as possible. This is truly a global imperative, and United’s investment in Svante reflects our dedication to making sustainable travel a reality”, he said.
Also, President & CEO of Svante,
Claude Letourneau, added that “we are pleased to have the support of United Airlines as one of our world-class investors.
“The airline industry has a huge opportunity to make a big impact on global decarbonisation – battling climate change through the transition to sustainable aviation fuels and other innovative technologies that will help the world achieve net zero. Their investment in companies like ours will aid in accelerating the commercialisation of carbon capture and removal technology”, Letourneau added.
In the same vein, Dimensional Energy’s CEO, Jason Salfi, added, “It’s great to see United’s commitment to building an ecosystem for carbon dioxide (CO2) to Sustainable Aviation Fuel (SAF) manifest through this significant investment in Svante.
“The teams at Svante and Dimensional Energy are working together to design integrated systems for captured CO2 to SAF today. There is enough CO2 in the atmosphere and in industrial process emissions to provide all of the carbon necessary for the fuels and products people use every day now and into the future. Svante provides the first step toward a circular carbon economy.”
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
