Cleanhill partners with CleanJoule over sustainable aviation fuel

Private equity firm, Cleanhill Partners has joined forces with CleanJoule LLC, the leading producer of sustainable aviation fuels (SAF) under which it will provide CleanJoule with strategic, operational and financial resources to bring up to speed the commercialization of its fuel technology.

The move is in line with the company’s efforts to slow climate change and address energy scarcities that is projected to impact the aviation industry within the next 30 years.

It also comes on the back of the partnership between Cleanhill and KORE Power, Inc., one of the leading developers of battery cell technology for electric transportation and energy storage industries based in the US.

Dr. Mukund Karanjikar, CEO of CleanJoule, said that lowering carbon emissions from the aviation sector brings along technological roadblocks and environmental imperative. Their firm is thrilled to collaborate with Cleanhill and augment the collective vision of generating affordable green energy solutions.

He added that CleanJoule is well-positioned to rapidly extend its adoption and reduce the timelines to attaining a greener global aviation sector, leading the way in inventing the industry's most eco-friendly and economically viable sustainable aviation fuel.

Dr. Karanjikar, who earlier held innovation-focused roles at Technology Holding LLC and Chevron, has experience of more than a decade in developing CleanJoule SAF technology, along with Dr. Ashok Joshi, a globally known, high-technology entrepreneur.

Approved by to the US Department of Defense and DoE, CleanJoule's production process changes biomass into a SAF molecule along with a bio-derived rubber co-product, producing the only zero-petroleum, carbon negative, full performance, and 100 percent drop-in SAF that can be used in various commercial aviation engines without change.

As part of the agreement, Ash Upadhyaya and Rakesh Wilson, co-founders and managing partners of Cleanhill, will join CleanJoule's board of directors. They have decades of expertise investing across the energy value chain, having previously held executive positions at KKR and Apollo, respectively.

Source Credit - https://www.businesswire.com/news/home/20211101005195/en/Cleanhill-Partners-Announces-Partnership-with-CleanJoule-to-Drive-Growth-of-Sustainable-Aviation-Fuel