American Airlines Makes Equity Investment in Universal Hydrogen
October 10 2022 - 9:00AM
Business Wire
American Airlines today announced its strategic equity
investment in Universal Hydrogen Co., a company building a green
hydrogen distribution and logistics network for aviation. The
investment supports American’s science based targets to reduce
greenhouse gas (GHG) emissions by 2035, and ultimately its
commitment to achieve net zero GHG emissions by 2050. This
investment makes American the first U.S. airline to make two direct
investments focused on the development of both hydrogen-electric
propulsion technology and the future of hydrogen distribution
logistics.
Universal Hydrogen’s fuel distribution network uses modular
hydrogen capsules that are handled like cargo, eliminating the need
for new fueling infrastructure at airports and speeding up fuel
loading operations. Universal Hydrogen anticipates starting
hydrogen deliveries for regional aircraft in 2025, with plans to
expand its services to larger, single aisle aircraft — first for
auxiliary power in the late-2020s and then as a primary fuel by the
mid-2030s. Because these segments represent two-thirds of aviation
emissions — and with green hydrogen being a true zero-carbon fuel —
these advances put aviation on a path to meet Paris Agreement
emissions targets.
“This technology has the potential to be a game-changer on the
industry’s path to zero-emission flight,” said American’s Chief
Financial Officer Derek Kerr. “As the world’s largest airline,
American has a responsibility to exercise leadership in making
aviation sustainable. Our investment in Universal Hydrogen
represents a vote of confidence for green hydrogen as a key element
of a sustainable future for our industry.”
American joins Airbus Ventures, GE Aviation and Toyota Ventures,
as well as several major hydrogen producers and aircraft lessors,
as strategic investors in Universal Hydrogen.
“Together with our investors, we are putting together the
end-to-end value chain to make hydrogen aviation a near-term
commercial reality,” said Paul Eremenko, co-founder and CEO of
Universal Hydrogen. “This move by American is a strong signal that
customers want a true zero-emissions solution for passenger
aviation and are willing to back tangible, pragmatic steps to get
there quickly.”
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About Universal Hydrogen
Universal Hydrogen is building a hydrogen logistics network to
fuel the future of aviation today. Hydrogen is the ideal fuel for
flight and will power aviation’s new golden age, where planes are
powered by renewables and emit nothing but water. The company’s
modular hydrogen capsules move over the existing freight network
from production directly to the airplane anywhere in the world.
Universal Hydrogen is also working to certify a powertrain
conversion kit to retrofit existing regional aircraft to fly on
hydrogen. The company has gathered the world’s leading aviation and
hydrogen talent to give the industry the option of clean flight,
forever. To learn about career opportunities at Universal Hydrogen,
visit: https://www.hydrogen.aero/careers.
Cautionary statement regarding forward-looking statements and
information
Certain of the statements contained in this release should be
considered forward-looking statements within the meaning of the
Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may be identified by
words such as “may,” “will,” “expect,” “intend,” “anticipate,”
“believe,” “estimate,” “plan,” “project,” “could,” “should,”
“would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if
current trends continue,” “optimistic,” “forecast” and other
similar words. Such statements include, but are not limited to,
statements about the company’s plans, objectives, expectations,
intentions, estimates and strategies for the future, and other
statements that are not historical facts. These forward-looking
statements are based on the company’s current objectives, beliefs
and expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. These risks and
uncertainties include, but are not limited to, those set forth
herein as well as in the company’s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2022 (especially in Part I, Item 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and Part II, Item 1A. Risk Factors), and
other risks and uncertainties listed from time to time in the
company’s other filings with the Securities and Exchange
Commission. Additionally, there may be other factors of which the
company is not currently aware that may affect matters discussed in
the forward-looking statements and may also cause actual results to
differ materially from those discussed. The company does not assume
any obligation to publicly update or supplement any forward-looking
statement to reflect actual results, changes in assumptions or
changes in other factors affecting these forward-looking statements
other than as required by law. Any forward-looking statements speak
only as of the date hereof or as of the dates indicated in the
statement.
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