OpenAirlines, a provider of software to help airlines lower emissions, has secured €45 million from Eiffel Investment Group, with the backing of Mirova, a Natixis Investment Managers affiliate committed to sustainable investments.
Both investors, joined by the Caisse de Retraite du Personnel Navigant Professionnel de l’Aéronautique Civile, France’s pension fund for cabin crew in the civil aviation industry, hope to accelerate OpenAirlines’ contribution to the aviation industry’s decarbonization drive. The company plans to expand its business in North America and Asia with their support.
OpenAirlines’ data indicates that the aviation sector accounted for approximately 2% of global CO2 emissions in 2022. The industry is currently undergoing a transformation, and most airlines are aiming to be carbon neutral in 2050 to respond to the climate emergency. Fuel is a key factor in achieving the goal. It represents approximately 30% of airline operating expenses.
OpenAirlines’ solution SkyBreathe is designed to help airlines reduce their fuel consumption and CO2 emissions at each stage of the flight cycle. The solution uses advanced machine learning and AI technologies to analyze over 15 million flights, and then make recommendations for reducing both environmental footprint and costs.
The company will continue to refine SkyBreathe OnBoard. It also plans to expand its product offerings, by developing tools to support air traffic controllers in meeting their ESG targets as regulatory requirements become increasingly demanding.
“Thanks to Eiffel Investment Group’s and Mirova’s support, we now have all the resources we need to position OpenAirlines as an aggregator in our market,” said Alexandre Feray.
“We will be in a position to make bolt-on purchases aimed at enhancing our range of products, services and cater to airlines as an actual digital game-changer for reducing carbon footprints.”
After having already integrated our technology into the cockpit, we now aim to rally all business units around a shared project: to combine operation performance with environmental engagement in an effort to build a more sustainable industry.
Youssef Belayar, investment director at Mirova said, “Our strategy aims to combine financial returns and support for the environment transition by deploying accelerator capital that finances innovative solution.”
“OpenAirlines provides an inspiring example of the way technological innovation can help industries move to a more sustainable model. OpenAirlines uses advanced environmental performance management tools and offers concrete tools to help airlines reduce their carbon emission and operating expenses.”
“We are excited to be a part of the next stages in OpenAirlines’ growth trajectory.”
