JetBlue Airways today announced that its venture capital subsidiary, JetBlue Technology Ventures, has taken on a limited partnership with a sustainable fuel company.
JetBlue will invest in California-based TPG Rise Climate, the climate investing strategy of TPG's global impact investing platform TPG Rise.
Like many airlines, JetBlue is searching for cheaper, alternative fuels to reduce its carbon footprint.
"All industries have something to gain from working collaboratively on climate solutions that matter," Amy Burr, President of JetBlue Technology Ventures, said in a statement.
TPG Rise Climate is a multibillion-dollar investment fund focused on supporting climate solutions at scale. It seeks to work collaboratively with companies, entrepreneurs, and scientists who are pioneering innovative climate solutions across five key climate sub-sectors, one of which is decarbonized transport.
"We are delighted to have JetBlue Technology Ventures join TPG Rise Climate as we work together to scale technology and solutions that have the ability to meaningfully reduce global greenhouse gas emissions," said Hank Paulson, Executive Chairman of TPG Rise Climate and former U.S. Treasury Secretary. "Like JTV, we see a tremendous opportunity to deploy capital towards decarbonizing transportation and greening mobility. As limited partners and members of the Climate Coalition, we look forward to gaining access to JTV's sustainable aviation expertise and leverage their network across the broader travel industry."
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