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SAF startup FlyORO secured $1.6 M Pre-Series A funding from Audacy Ventures

FlyORO, a Sustainable Aviation Fuel (SAF) startup based in Singapore, closed a Pre-Series A round with $1.6 million in funding.

FlyORO said in a statement on Thursday that Audacy Ventures, a venture capital firm devoted to accelerating and scaling technology solutions driving the energy transition, is leading the round.

Other private investors who support sustainable innovations, such as VC Investible, with a base in Asia-Pacific, also participated in the round.

In the future, FlyORO intends to continue its trajectory of innovation and dedication to sustainable aviation practices by starting the next funding round in the second half of 2024.

The announcement claims that the pre-Series A round’s earnings will be crucial for pushing forward with ongoing projects and bolstering FlyORO’s global expansion initiatives.

Strategic initiatives in the Australian and US markets will be the primary focus at first.

According to FlyORO, the Australian market is driving the development of SAF by utilizing its skilled workforce and plentiful feedstock resources.

It stated that building a local SAF production facility to supply carriers in the area is part of the nation’s optimistic outlook.

FlyORO declared that the company is dedicated to assisting this movement, acknowledging the expanding opportunity.

In the meantime, the United States has become a leader in sustainable aviation due to its robust incentives and supportive laws that have stimulated creative developments along a variety of SAF technological pathways.

FlyORO wants to start early development in the nation in 2024 since it has the greatest number of airport distributions and private aircraft ownership in the world.

“2023 has been a pivotal year for us. We launched with Jet Aviation as our SAF partner for our Singapore market in April, and in just seven months, we are going beyond our borders, much earlier than we expected,

Through our fundraising journey, we have been extremely meticulous in partnering with the appropriate strategic stakeholders, and we’re proud to have Audacy Ventures and Investible join us in our pre-series A round,” said Jonathan Yeo, FlyORO’s Chief Executive Officer.

In order to advance the Australian market in the SAF sector, Audacy Ventures is known to have already made several strategic investments in the SAF industry, including a joint venture with Qantas, Airbus, and LanzaJet.

By including FlyORO in their portfolio, they have strengthened their commitment to building the SAF value chain and supporting the expansion of the SAF market.

The statement states that by 2050, SAF adoption is expected to account for 450 billion liters annually or 65 percent of aviation’s emissions reduction target.

 

 

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