United Advances Innovation Through Corporate Venture Capital Fund

Rhea-AI Summary

United Airlines has launched a new corporate venture fund, United Airlines Ventures, aimed at investing in emerging companies that align with the airline's net zero emissions goal by 2050. The fund will focus on sustainability, aerospace innovations, and technologies that enhance customer experience. Recently, United has entered agreements to invest in companies like Archer Aviation and Boom Supersonic, emphasizing its commitment to transformative technologies. Michael Leskinen will lead the new fund, demonstrating United's dedication to fostering innovation in air travel.

Positive

• Launch of United Airlines Ventures to invest in sustainability and aerospace innovation.
• Focus on achieving net zero emissions by 2050 without traditional carbon offsets.
• Recent strategic agreements with Archer Aviation and Boom Supersonic to develop advanced technologies.
• Commitment to enhance customer experience and operational efficiency.

Negative

• None.

CHICAGO, June 10, 2021 /PRNewswire/ -- United Airlines launched a new, corporate venture fund today – United Airlines Ventures – that will allow the airline to continue investing in emerging companies that have the potential to influence the future of travel. The new fund will concentrate on sustainability concepts that will complement United's goal of net zero emissions by 2050 - without relying on traditional carbon offsets - as well as revolutionary aerospace developments and innovative technologies that are expected to create value for customers and United's operation.

"Younger companies today have learned from aviation's rich history and are combining it with more advanced technology and creative thinking to develop new ideas that give us the ability to revolutionize how airlines operate and in turn, the experience customers have when they fly,"  said United CEO Scott Kirby. "With United Airlines Ventures, we're signaling our confidence in these companies and propelling them forward with our expertise and financial support to demonstrate that our commitment to innovation will strengthen our company and improve our customers' experience more quickly than anyone ever anticipated."

With major agreements announced in just the last six months including agreements to invest in, collaborate with and purchase aircraft from Archer Aviation, United has proven its commitment to work with companies that are developing transformational technologies and services that are designed to revolutionize the customer experience and redefine how airlines operate.

Through United Airlines Ventures, United will continue to forge a new path by accelerating the growth of small- to medium-sized companies with strong potential.

United's current Vice President of Corporate Development and Investor Relations, Michael Leskinen, will assume the role of President of United Airlines Ventures in addition to his current responsibilities.

"United has always been a pioneer within the industry and United Airlines Ventures will help us grow companies that are pushing the envelope to make air travel better for our customers, our employees and our planet," said Leskinen. "We're making more than a financial commitment to companies within this new portfolio; we're lending our expertise so that new ideas can really take off."

United continues to be a leader in the adoption of new sustainable aviation technologies and innovations. Last week, the company announced its agreement to purchase 15 of Boom Supersonic 'Overture' aircraft with an option for an additional 35 airliners. Once in service, Overture will not only re-introduce supersonic commercial flight, it is expected to be the first long-haul commercial aircraft to be net zero carbon from day one optimized to run on 100% sustainable aviation fuel (SAF).

For more information about United Airlines Ventures, please visit https://www.united.com/ventures.

About United

United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this release are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as "expects," "will," "plans," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "goals," "targets" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the risks and uncertainties set forth under Part I, Item 1A., "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.

 

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SOURCE United Airlines

FAQ

What is United Airlines Ventures?

United Airlines Ventures is a new corporate venture fund launched by United Airlines focused on investing in emerging companies that align with sustainability and aerospace innovations.

What are the goals of United Airlines' new venture fund?

The goals include advancing sustainability efforts towards net zero emissions by 2050 and investing in transformative technologies that improve the airline's operations and customer experience.

What recent agreements has United made regarding technology investments?

United has entered agreements with Archer Aviation and Boom Supersonic, showcasing its commitment to investing in companies that develop advanced technologies for air travel.

Who is leading United Airlines Ventures?

Michael Leskinen, the current Vice President of Corporate Development and Investor Relations, will serve as the President of United Airlines Ventures.

How does United Airlines plan to achieve its net zero emissions goal?

United Airlines intends to achieve its net zero emissions goal by 2050 through investments in sustainable technologies and innovations, rather than relying solely on traditional carbon offsets.