Singapore-based Sustainable Aviation Fuel (SAF) startup FlyORO has raised $1.6 million in a pre-Series A funding round led by Audacy Ventures, a venture capital firm dedicated to catalyzing and scaling technology solutions driving the energy transition.
The round also included participation from Asia-Pacific based VC Investible and other private investors, who are also advocates in the field of sustainable innovation.
Audacy Ventures has already made a number of strategic investments in the SAF industry, including a collaborative venture with Qantas, Airbus and LanzaJet, aimed at propelling the Australian market in the SAF sector.
The addition of FlyORO to their portfolio further enhances the strength of their devotion towards developing the SAF value chain, reinforcing their dedication to fostering the SAF market growth.
SAF is estimated to contribute 65% of aviation’s emissions reduction goal, equivalent to approximately 450 billion litres of SAF adoption annually by 2050.
The lower carbon intensity of SAF has garnered commitments for adoption from major global airlines, reflecting an environment ripe for transformative shifts and an expected increase in demand for FlyORO’s technology.
The proceeds from the pre-Series A round will be instrumental in accelerating ongoing projects and supporting FlyORO’s international expansion efforts. The initial focus will be on strategic initiatives in both the Australian and United States markets.
The Australian market is gaining momentum in the development of SAF, leveraging its abundant feedstock resources and skilled workforce.
The country’s optimistic outlook includes establishing a local SAF production facility to supply carriers within the region. Recognizing the growing opportunity, FlyORO is committed to supporting this movement.
Following the successful launch of FlyORO’s revolutionary modular SAF blending technology, the AlphaLite, in collaboration with Jet Aviation in April 2023, FlyORO remains dedicated to reducing aviation emissions globally.
The company is strategically expanding, establishing new bases to seamlessly integrate into the jet fuel supply chain. FlyORO envisions the AlphaLite as a catalyst, making the adoption of SAF more accessible for all flyers.