Global Aviation Sustainability Outlook 2025

FIGURE 6 Recent investments made in SAF companies and projects, 2021-2024 $50 m Microsoft’s Climate Fund (2022) $50 m Breakthrough Energy Catalyst (2022) $30 m Southwest Airlines (2024) $20 m Groupe ADP (2024) Undisclosed MUFG (2024)Freedom Pines Fuels Credit facilities Strategic investment Growth equity fundingSAF production in US$ million per invested company, 2021-2024 2021 2022 2023-202457130 18050645 1001,1751,460~16x $230 m $57 mTotal investment per year $3.61 bn Company Gevo $1.46 bn Infinium up to $1.175 bn Twelve $832 m LanzaJet $100+ m SkyNRG up to ~$180 mObject Net-zero 1 project (South Dakota) Other eFuels projects $1.46 bn loan guarantee U.S. Department of Energy (2024)Value Financier Infinium's Project Roadrunner in West Texas $75 m $75 mBreakthrough Energy Catalyst (2023) More than $200 m Brookfield Asset Management (2024) Up to $850 m Brookfield Asset Management (2024) Capricorn Technology Impact Fund & others (2021) $130 m DCVC & others (2022) $400 m TGP Rise Climate (2024) $200 m TGP & others (2024) $45 m Fundamental Renewables & SMBC (2024)Series A Series B Series C Credit facilitiesProject equity: ‘Airplants’ to produce e-fuel Up to €175 m Macquarie Asset Management (2023) Support facilities development Note: This is a non-comprehensive view of recent investment raised by SAF companies based on public information, focusing only on projects that received external capital contributions. Source: Kearney analysis for Airports of Tomorrow, Infinium.10