Participated · Equity · May 2023

CleanJoule develops a technology to produce high-performance sustainable aviation fuel (SAF) from agricultural residues and other waste biomass. Its manufacturing process is described as offering high efficiency, feedstock flexibility, and a high degree of decarbonization. The company is headquartered in Salt Lake City, Utah. CleanJoule is advancing commercialization of its fuel technology with the goal of scaling SAF supply and shortening the transition to lower-carbon aviation. Proceeds from the recent financing will support further development and commercialization of that technology. Three airline investors have signed binding purchase agreements that create initial demand for the company’s output. CleanJoule develops and commercializes a proprietary process that converts biomass into full-performance sustainable aviation fuel (SAF) and a bio-derived rubber co-product. Its SAF is described as carbon negative, zero‑petroleum, full‑performance and 100% drop‑in for commercial aviation engines without modification. The technology was developed over more than a decade by Dr. Mukund Karanjikar and Dr. Ashok Joshi and has been validated by the U.S. Department of Defense and U.S. Department of Energy. CleanJoule positions its product as commercially viable and ready for scale-up to accelerate adoption across the aviation industry. The company aims to shorten timeframes to wider SAF deployment and to expand production and commercialization. CleanJoule emphasizes sustainability and climate impact as core to its mission.