United forms venture-capital arm to advance clean-energy technology

United has formed an investment company called United Airlines Ventures, through which the carrier intends to invest in emerging clean-energy technologies. The airline will use its new “corporate venture fund”, which will have a $200m budget, to advance “sustainable concepts” that will help it reach a goal of making its operation carbon neutral by 2050, it said on 10 June. In addition, the fund will invest in “developments and innovative technologies that are expected to create value for customers and United’s operation”, it adds. “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 vice-president of corporate development and investor relations Michael Leskinen will be president of United Ventures. The effort mirrors similar funds established by other airlines, such as the JetBlue Technology Ventures arm of JetBlue Airways. Companies view venture funds, being distinct from larger, more bureaucratic parents, as means of more effectively investing in new technologies.<br/>