Air Company raises $69 million to commercialize carbon-utilization technology, eSAF

Air Company, a carbon-conversion technology firm, announced Sept. 18 it has raised $69 million in Series B funding to advance its technology, promote energy security and drive emissions reductions in hard-to-abate sectors such as aviation.

Avfuel Corp., a leading global supplier of aviation fuel and services, led the round and will be the preferred provider of distribution and logistics, plus environmental-attribute tracking and reporting for Air Company.

Additional participants in the round included Lowercarbon Capital, IQT (In-Q-Tel), Alaska Airlines, Connecticut Innovation’s Climate Tech Fund, Duncan Aviation, JSSI, and the owners of Sheltair Aviation, among others.

Existing investors Carbon Direct Capital, JetBlue Ventures and Toyota Ventures also participated in the financing.

As part of this investment, Avfuel will join the company’s board of directors.

The new capital will bolster Air Company's engineering and R&D capabilities, accelerating the development of its advanced technology to meet increasing demand for clean fuels in both commercial and government sectors.

“Air Company is at the forefront of creating scalable sustainable aviation fuel (SAF) produced from carbon dioxide, which seamlessly integrates into existing aircraft and infrastructure,” the company stated, adding this investment represents a major advancement toward large-scale production of fully formulated CO2-derived SAF.

Air Company’s proprietary AIRMADE™ Technology produces synthetic fuels and chemicals from captured CO2 and hydrogen.

Co-founded by Gregory Constantine and Stafford Sheehan, Air Company converts carbon dioxide into sustainable fuels through a streamlined, energy-efficient process, the company stated.

“By leveraging abundant domestic feedstocks, the company ensures scalable fuel production,” Air Company said, adding that its technology has been validated through partnerships across both public and private sectors, including previously announced SAF offtake agreements with major airlines and a $65 million contract with the Defense Innovation Unit.

“The aviation sector faces a critical challenge in meeting the growing demand for sustainable aviation fuel,” said C.R. Sincock, the executive vice president of Avfuel. “SAF represents a crucial pathway to decarbonization, and Air Company’s innovative CO2-derived SAF technology stands out as a leading solution. By partnering with Air Company, Avfuel is committed to accelerating the widespread adoption of this high-performing fuel and driving meaningful emissions reductions across the industry.”

Constantine added, “Our technology is designed to be modular to facilitate adoption and scalability.”

Sheehan said, “This adds flexibility to fuel supply chains, strengthens energy security and fosters domestic job creation.”

Steve Jbara, Air Company’s chairman of the board, said, “The trust and support from our investors underscore our commitment to transforming the energy sector with a vision for a sustainable and resilient future.”