Avfuel has led the round to raise $69 million in Series B funding to advance Air Company's carbon conversion technology, promote energy security and drive emissions reductions in hard-to-abate sectors such as aviation. As part of this investment, Avfuel will join the company's board of directors and will become the preferred provider of distribution and logistics, plus environmental attribute tracking and reporting for Air Company.

Additional participants in the round included Duncan Aviation, JSSI, the owners of Sheltair Aviation, Lowercarbon Capital, IQT (In-Q-Tel), Alaska Airlines and Connecticut Innovation's Climate Tech Fund, among others. Existing investors Carbon Direct Capital, JetBlue Ventures and Toyota Ventures also participated in the financing.

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 produced from carbon dioxide, which seamlessly integrates into existing aircraft and infrastructure. This investment represents a major advancement toward large-scale production of fully formulated, CO₂-derived SAF.

Co-founded by Gregory Constantine and Dr Stafford Sheehan, Air Company converts carbon dioxide into sustainable fuels through a streamlined, energy-efficient process. By leveraging abundant domestic feedstocks, the company ensures scalable fuel production. Its technology has been validated through partnerships across both public and private sectors, including previously announced SAF MOU 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,” says Avfuel Corp EVP CR Sincock. “SAF represents a crucial pathway to decarbonisation, 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.”

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

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

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