A company located in Cambridge that specialises in the management of the environmental impact of aircraft contrails has reached an agreement with GE Aerospace to buy the company.
In an effort to lessen the negative impact that the aviation sector has on the environment, General Electric, one of the most well-known conglomerates in the world, has just acquired a climate technology start-up based in the United Kingdom.
According to information obtained by Earlyrise, GE Aerospace has reached an agreement to acquire Satavia, a firm based in Cambridge that works to reduce the warming effect that is caused by aircraft contrail clouds.
When Satavia was first conceptualised in 2013, it was with the intention of shielding aircraft engines from potentially hazardous elements such as dust, ice, and volcanic ash.
It is now operating a business model that consists of a software subscription service and carbon credits, and its goal is to successfully acquire 25 airline customers before the end of the decade.
The company, led by Adam Durant, the chief executive officer, has Etihad Airways, the airline that operates out of Abu Dhabi, as one of its commercial partners.
Campden Hill Capital, a venture capital firm and investment advisor that operated out of a family office, provided financial support to Satavia.
There was a lack of clarity over the value of the purchase on Friday evening.
It’s interesting to note that a division of General Electric recently acquired it. This just goes to show how major corporations worldwide are actively seeking out innovative technology companies to stay ahead in addressing the impact of their operations on climate change.
“GE Aerospace is actively looking into strategies to support the industry in achieving its net zero goals and minimising air travel emissions,” a company representative stated.
“Satavia contrail management and forecasting service has partnered with GE Aerospace to contribute to a more sustainable future of flight. This collaboration encompasses various initiatives such as the development of more efficient jet engine technologies, testing of alternative fuels, and the creation of software solutions to optimise aircraft operations.”