Southwest Invests $30 Million in LanzaJet’s Renewable Jet Fuel: Startup Funding Roundup

There’s a lot of money pouring into next-generation flight technology. This week, there was an investment into renewable jet fuel and a propulsion system for flying taxis.

Illinois-based LanzaJet says its technology can convert low-carbon ethanol to jet fuel. The company in January opened a small-scale plant in Georgia that it says can produce 10 million gallons of fuel per year from sources including feedstock waste.

LanzaJet: $30 million

Southwest used 2.1 billion gallons of fuel in 2023, according to a year-end earnings report. That’s an example of the need for big increases in renewable jet fuel production for the aviation industry to meet net-zero emissions goals by 2050.

LanzaJet also plans to help advance operations of Saffire Renewables, a Southwest investee that’s developing tech to produce ethanol from corn stover. LanzaJet plans to convert Saffire’s ethanol into jet fuel at its future facility.

CycloTech, which is developing an aviation propulsion system for flyings taxis, has raised €20 million ($21.7 million).

CycloTech: $21.7 million

Austria-based CycloTech said its product is designed to produce thrust in a fully circular path, enabling vertical takeoff. And the tech would enable the aircraft to transition from vertical to horizontal flight without needing to change altitude or activate another propulsion system, the startup said.

Lizy, a car rental app for businesses, has raised $12.4 million (€11.5 million).

Lizy: $12.4 million

Investors for the new funding included D’Ieteren, Alychlo, NewAlpha Asset Management, and Welvaartsfonds. The Belgium-based company has more than 1,000 cars in Belgium and France, with more than 3,500 business clients.

IntrCity, a digital ticketing platform for trains and buses in India, has raised $4.5 million (370 million Indian rupees). This investment was led by Mirabilis Investment Trust, with support from Nandan Nilekani’s family trust (NRJN), Omidyar Network India, and Ujamaa Ventures.

IntrCity: $4.5 million

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