US-headquartered air carrier Alaska Airlines unveiled a corporate venture capital subsidiary called Alaska Star Ventures yesterday that is equipped with $230m in capital according to TechCrunch.
Alaska Airlines serves some 120 destinations across the US and internationally to Canada, Mexico and Costa Rica, and will use the fund to invest in technologies with the potential to lower its carbon emissions.
The vehicle’s first investment is a $15m commitment to the $230m debut fund for VC firm Up.Partners, which has also recruited carmaker Toyota’s Woven Capital fund, industrial manufacturer Standard Industries, shipping firm OSM Maritime and property developer Hillwood as limited partners.
Diana Birkett Rakow, vice-president of public affairs and sustainability for Alaska Airlines, said the initiative will be overseen by Pasha Saleh, the corporate’s director of flight operations strategy and innovation.
Birkett Rakow added: “We are proud of our ambitious targets and our legacy of being pioneers, but we also know we cannot fundamentally decarbonise and achieve net zero carbon emissions alone.
“That is why we’re focused on discovering, partnering with and enabling technologies that will allow us to take real and meaningful steps on our five-part path to net zero now and in the years ahead.”
Photo courtesy of Alaska Airlines.
