Wednesday, April 24, 2024
HomeFunding Chicago-based Aether Fuels Secures US$8.5m in Pre-Series A Round Funding

[Funding alert] Chicago-based Aether Fuels Secures US$8.5m in Pre-Series A Round Funding

Chicago-based Aether Fuels secures US$8.5m in pre-series A round funding. The global syndicate includes JetBlue Ventures, the corporate venture capital (CVC) division of JetBlue, as well as TechEnergy Ventures (the CVC division of the Techint Group), Doral Energy Tech Ventures (the CVC division of Doral Energy), Foothill Ventures, and existing investor, Xora Innovation.

Chicago-based Aether Fuels secures US$8.5m in pre-series A round funding. The global syndicate includes JetBlue Ventures, the corporate venture capital (CVC) division of JetBlue, as well as TechEnergy Ventures (the CVC division of the Techint Group), Doral Energy Tech Ventures (the CVC division of Doral Energy), Foothill Ventures, and existing investor, Xora Innovation.

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Aether makes sustainable fuels to enable large industries like aviation and ocean shipping to achieve net zero emissions. The fuel is made from low-cost and abundant waste carbon streams, such as captured carbon dioxide, industrial waste gases, municipal solid waste, agricultural residues, and waste biomass.

Aether will use the funds to accelerate the development and scale-up of its proprietary production technologies, expand its demo facility in Chicago, and grow the global team.

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Aether CEO Conor Madigan said, “We are grateful to our investors for their confidence in our technology approach and scalable global business strategy, Their support caps a year of breakthroughs that validated our technology and crystallized our roadmap to commercialization. In addition, we appointed experienced sustainable fuel executives to key R&D, operations, and engineering leadership roles in the U.S. and Singapore, and started planning for manufacturing scale-up. Thanks to our valued investors, we enter 2024 with greater capacity to innovate, execute, and drive growth.”

JetBlue Ventures’ Managing Director, Ryan Chou said, “Advances in sustainable technology are crucial to the future and longevity of aviation, Aether’s team first caught our attention because of their novel technology and credible go-to-market plan, and the potential of their innovations to drive significantly better SAF unit economics motivated us to invest. We are pleased to support the team in their next phase of growth.”

TechEnergy Ventures’ Chief Investment Officer, Alejandro Solé said, “Sustainable fuels are critical to the energy transition and Aether brings a highly differentiated approach to the table, Our diligence convinced us that their experienced team and core technology, and in particular their feedstock flexibility, high yield, and deep process intensification, will enable Aether to become an industry leader.”

About Aether Fuels

Aether Fuels envisions a net-zero world enabled by its breakthrough sustainable liquid fuel production technology. They are developing highly scalable solutions that dramatically improve the unit economics of producing sustainable fuels for aviation and ocean shipping.

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