oneworld alliance, airlines and Breakthrough Energy Ventures launch investment fund to advance and commercialize Sustainable Aviation Fuel technologies

Led by cornerstone investors Alaska Airlines, American Airlines; with IAG, Cathay Pacific, Japan Airlines from oneworld alliance, and Singapore Airlines as part of initial $150M fund close 

oneworld BEV Fund aims to identify, enable and scale lower carbon jet fuel of the future to support consumer demand, economic development, jobs and technology innovation

DALLAS/FORT WORTH, Texas, Sept. 17, 2025 /PRNewswire/ -- oneworld alliance and member airlines, in partnership with Breakthrough Energy Ventures (BEV), today announced the launch of a new investment fund designed to address the limited availability and high cost of today's Sustainable Aviation Fuels (SAF). The fund, led by cornerstone investors Alaska Airlines and American Airlines, seeks to accelerate the global development of long-term aviation fuel solutions that are cost effective, scalable, and have lower emissions than conventional fuels.

The oneworld BEV Fund will:

• invest in novel, next-generation Sustainable Aviation Fuel technologies
• support the growth of alternative fuel markets to meet the long-term needs of the global aviation industry
• create economic value for investors and regions around the world
• drive technology innovation
• develop a diverse and resilient SAF supply chain to meet future demand

"By investing in the SAF technologies of the future, American and our oneworld partners are making a business decision to accelerate the development of novel technologies with the potential to reach larger scale at lower prices than current technologies can achieve," said Robert Isom, chief executive officer of American Airlines and chairman of oneworld. "We believe reducing the emissions from our operation meets the demands of our customers, will make our business more competitive, and will enable us to continue to deliver the enormous economic benefits of commercial aviation for generations to come."

"Alaska Airlines is excited to work alongside oneworld carriers to invest in innovative and cost-competitive SAF technology to drive the long-term energy transformation for our industry," said Ben Minicucci, chief executive officer of Alaska Air Group. "In Breakthrough Energy Ventures, we have a partner with the scientific, technical and commercial expertise to make effective investment decisions that will create the market for next-generation fuels and power our industry in the years ahead."

"Investing in SAF with Breakthrough Energy Ventures is part of oneworld's strategy to create a future of aviation that solves problems at scale and serves the needs of the greater aviation community," said Nat Pieper, chief executive officer of oneworld. "At oneworld, our member airlines are united in their long-term mission to address carbon emissions and invest in technologies that can improve speed to market of innovative fuels across the globe. By working together, we'll be better positioned to create long-term solutions for the energy transformation of an industry that is vital to global economic growth." 

BEV, Breakthrough Energy Venture's capital fund founded by Bill Gates, will serve as the fund's investment manager, bringing deep technical expertise, a rigorous diligence model, and extensive experience supporting the growth of early-stage climate technology companies. By leveraging its resources to support the energy transformation of one of the most challenging sectors for climate mitigation, BEV aims to advance fuel technologies that offer the greatest potential for tackling the sector's emissions and securing long-term commercial success.

"Sustainable Aviation Fuel is essential to addressing the sector's environmental impact and represents a major commercial opportunity," said Eric Toone, chief technology officer at Breakthrough Energy and managing partner at Breakthrough Energy Ventures. "The oneworld BEV Fund is built to identify and scale breakthrough SAF technologies that can deliver real emissions reductions for jet fuel, compete with fossil-based fuels on cost, and integrate seamlessly with today's aviation infrastructure. These are complex systems-level challenges that will take time to solve, and the fund is built with the long-term vision and staying power to help bring solutions to market."

The fund is also supported by oneworld alliance member airlines International Airlines Group (IAG), Cathay Pacific, and Japan Airlines. Recognizing the power of collective action, oneworld and Breakthrough Energy Ventures made an early decision to welcome non-alliance investors, including Singapore Airlines, which shares the alliance's commitment to accelerating industry-wide progress in SAF.

"Sustainable Aviation Fuel is the most viable pathway for the aviation industry to progress to reach net zero. With our oneworld partners we have actively supported collective efforts on sustainability and today's announcement further highlights the potential of collaboration, demonstrating how leading airlines can come together with the goal to accelerate action. To unlock SAF's full potential, we are calling for supportive policy frameworks that help attract investment and enable the infrastructure needed to kickstart production."
     -  Mr. Luis Gallego, chief executive officer, IAG

"As an airline with significant long-haul operations, scaling innovation to make SAF more accessible and cost-competitive is critical to Cathay Pacific's future. This investment reflects our belief that only through collective action – across geographies and industries – can we build a resilient and scalable SAF ecosystem that delivers meaningful environmental progress and supports the future of our industry. And with Asia continuing to play a pivotal role in the global SAF ecosystem, we're proud to help lead this momentum from the region."
     -  Mr. Ronald Lam, chief executive officer, Cathay Group

"Relationships and connections with countries and regions around the world through air transportation are necessary for an island nation like Japan, thus we believe we have a mission to tackle the environmental impact of air transportation. Working towards this common mission for oneworld, we look forward to promoting technology and the use of SAF together with the member airlines, anticipating expansion into the Asian region in the future."
     -  Ms. TOTTORI Mitsuko, president and representative director, Group CEO, Japan Airlines

"Our investment in this fund demonstrates Singapore Airlines' strong support for developing and commercialising next generation Sustainable Aviation Fuels. Reducing the carbon emissions of jet fuel demands collective action across the entire aviation ecosystem, and such initiatives will drive innovation towards meaningful progress in this crucial energy transformation."
     -  Ms. Lee Wen Fen, chief sustainability officer, Singapore Airlines

The global aviation industry, which generates some $4.1 trillion in economic activity and supports 86.5 million jobs, currently accounts for approximately 2-3% of global carbon dioxide emissions, in addition to other environmental impacts. Airlines and manufacturers continue to invest in modern aircraft, engines and operational efficiencies. Demand for air travel is expected to rise in the coming decades, and SAF, which today can reduce lifecycle emissions of jet fuel by up to 80% compared to conventional jet fuel, is a crucial tool for mitigating the industry's environmental impact. While SAF can significantly decrease the carbon dioxide emissions from aircraft engines, the first-generation SAF in production today has come with challenges. The SAF industry has not yet attracted the investment required to scale production at competitive prices in line with market needs, and lifecycle environmental impact is a concern. oneworld and its partners are focused on supporting new technologies that can scale the availability of cost-competitive SAF, while minimizing other environmental impacts.

About Breakthrough Energy Ventures

Breakthrough Energy Ventures is a purpose-built investment firm that partners with, launches, and scales global companies that are building an emissions-free global economy. We seek true breakthroughs and are committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market, and policy expertise. Backed by many of the world's top business leaders, companies, and investors, Breakthrough Energy Ventures has raised more than $3.5 billion in committed capital and partnered with more than 110 groundbreaking companies. Breakthrough Energy Ventures is the venture capital arm of Breakthrough Energy, a global network of climate leaders committed to accelerating the world's journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage. Visit Breakthrough Energy Ventures to learn more.

For media inquiries, please contact: Shahaley Bornstein 
shahaley@breakthroughenergy.org 
(469) 688-2211

About oneworld 

oneworld® is a global airline alliance bringing together 15 of the world's leading airlines, who are committed to delivering the highest level of service and convenience to travellers. With a strong focus on innovative solutions, oneworld member airlines are working collectively to address their environmental impact and accelerate the adoption of Sustainable Aviation Fuel. The alliance's members serve nearly 1,000 destinations worldwide and include: Alaska Airlines, American Airlines, British Airways, Cathay Pacific, Fiji Airways, Finnair, Iberia, Japan Airlines, Malaysia Airlines, Oman Air, Qantas, Qatar Airways, Royal Air Maroc, Royal Jordanian and SriLankan Airlines. Follow us on Facebook, Instagram, X and LinkedIn.

For media inquiries, please contact:
Chris Singley 
chris.singley@oneworld.com
+1 (817) 308-1288

Chris D'Aloia – American Airlines
christopher.daloia@aa.com
+1 (682) 473-0622

Alex Da Silva – Alaska and Hawaiian Airlines
alex.dasilva@hawaiianair.com
+ 1 (808) 391-5728

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