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. With their support, the company also plans to further develop its business across North America and Asia.
According to OpenAirlines’ data, the aviation industry accounted for 2% of the world’s CO2 emissions in 2022 and is in the midst of a transition, with most airlines aiming to become carbon neutral by 2050 in response to the climate emergency. The company said fuel plays a crucial role in achieving this goal, representing approximately 30% of an airline's operating expenses, making it a significant economic lever.
OpenAirlines' solution SkyBreathe is designed to help airlines reduce their fuel consumption and CO2 emissions at each stage of the flight cycle. The solution leverages advanced machine learning and artificial intelligence technologies, analyzing over 15 million flights and issuing recommendations to reduce both the environmental footprint and cost.
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The company plans to continue refining SkyBreathe OnBoard and aims to broaden its product offerings by developing tools for air traffic controllers and supporting airlines in meeting their ESG objectives as regulatory requirements become more demanding.
“Thanks to the support of Eiffel Investment Group and Mirova, we now have the resources we need to position ourselves as an aggregator within our market,” said Alexandre Feray, CEO of OpenAirlines.
“We will be able to make bolt-on acquisitions aimed at beefing up our range of products and services and thus cater to airlines as a real digital game-changer when it comes to reducing carbon footprints. Having already embedded our technology in the cockpit, our aim now is to rally all business lines around a joint project: to combine operating performance with environmental engagement in order to help build a more sustainable aviation industry.”
“The aim of our strategy is to combine financial returns with support for the environmental transition by deploying acceleration capital that finances innovative solutions,” Youssef Belatar, investment director at Mirova, added.
“OpenAirlines is an inspiring example of how technological innovation can help industries transition to a more sustainable business model. OpenAirlines makes use of advanced environmental performance management solutions and therefore also offers concrete tools geared towards helping airlines reduce their carbon emissions and operating expenses. We are excited to become involved in the next stages of OpenAirlines’ growth trajectory.”