(L-R) FlyORO Co-Founders Joe Ng, Jonathan Yeo, and Genevieve Toh
FlyORO, a provider of last-mile sustainable aviation fuels (SAF) blending technologies, has closed a pre-Series A round, securing US$1.6 million.
Hong Kong-based Audacy Ventures led the round, with participation from Asia Pacific-based VC firm Investible and unnamed private investors.
Singapore-based FlyORO will use the money to accelerate its ongoing projects and international expansion. The initial focus will be on strategic initiatives in Australia and the US.
Also Read: FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech
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.
With favourable legislation, the US fosters innovative developments across various SAF technological pathways. With the highest number of airport distributions and private aircraft ownership globally, FlyORO aims to initiate early developments in the US in 2024.
Founded by Jonathan Yeo, Joe Ng, and Genevieve Toh, FlyORO provides a modular, on-demand blending service of SAF and jet fuel to enable aviation on its emissions reduction journey. It enables flyers the flexibility to align their ESG targets per flight. With a small form factor of 40ft, it is space-efficient and portable and can be installed anywhere at or off the airport base. This solution allows airport fuel operators to serve flyers more effectively with a simplified supply chain.
Following the launch of FlyORO’s modular SAF blending technology AlphaLite, in collaboration with Jet Aviation in April 2023, FlyORO aims to reduce aviation emissions globally. AlphaLite offers flexibility and control to flyers. AlphaLite empowers aircraft operators to make better-informed decisions regarding SAF adoption, considering factors from cost parity to feedstock quality.
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SAF is estimated to contribute 65 per cent of aviation’s emissions reduction goal, equivalent to approximately 450 billion litres of SAF adoption annually by 2050.
“2023 has been a pivotal year for us. We launched with Jet Aviation as our SAF partner for our Singapore market in April. In just seven months, we are going beyond our borders, much earlier than we expected,” said FlyORO CEO Jonathan Yeo.
FlyORO plans to commence the next financing round in the second half of 2024.
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