International Consortium Injects $50 Million to Accelerate Sustainable Aviation Fuel Production

GenZero, an investment platform company founded by Singapore’s Temasek and focused on accelerating decarbonisation globally, has announced its participation in a US$50 million funding round for CleanJoule, a U.S.-based startup focused on the production of more cost-effective Sustainable Aviation Fuel (SAF).

Other investors part of the consortium include Indigo Partners, Cleanhill Partners, Frontier Airlines, Wizz Air and Volaris.

With SAF potentially contributing up to 65% of the reduction in emissions needed by the aviation sector to reach net zero in 2050, this investment marks an important chapter in the global effort to mitigate carbon emissions and deliver meaningful climate action.

The investment also comes as Singapore ramps up its SAF ambitions to decarbonise aviation, playing host to one of the largest SAF production facilities in the world as the government looks to introduce mandates and incentives on the horizon.

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.  

Remarking on the investment Frederick Teo, chief executive officer of GenZero said: “Decarbonising aviation requires solutions that can be adopted at scale. CleanJoule’s fuel technology relies on widely available feedstock – agricultural waste – to produce a sustainable biofuel that could be cost-effective at scale with better fuel economy. Its unique approach also allows for higher levels of substitution with conventional aviation fuel thus creating a greater decarbonization impact. We are delighted to support CleanJoule to achieve greater adoption of  SAF globally.”