VLRS - Volaris to boost SAF production via investment agreement with CleanJoule
2023-06-14 17:26:19 ET
Volaris ( NYSE: VLRS ) has entered into a $50 million investment agreement, alongside a group of firms, with the North American startup company CleanJoule to boost the production of sustainable aviation fuel, the ultra-low-cost carrier said Wednesday.
The company said Indigo Partners, GenZero, Cleanhill Partners, Frontier Airlines, and Wizz Air have signed the agreement with it.
"CleanJoule will utilize this investment to develop its technology for producing high-performance and cost-effective SAF from agricultural waste and organic residues," Volaris said in a statement.
Volaris, Frontier Airlines, and Wizz Air have agreed to buy 90 million gallons of SAF in total, out of which Volaris will receive about 30 million gallons.
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Volaris to boost SAF production via investment agreement with CleanJoule