- American Airlines Group Inc AAL has made a strategic equity investment in Universal Hydrogen Co, a company building a green hydrogen distribution and logistics network for aviation. The details of the investment were not disclosed.
- The investment will help AAL's science-based targets to reduce greenhouse gas (GHG) emissions by 2035 and to achieve net zero GHG emissions by 2050.
- In August, American invested in hydrogen-electric engine developer ZeroAvia.
- Universal Hydrogen's fuel distribution network uses modular hydrogen capsules that are handled like cargo, eliminating the need for new fueling infrastructure at airports.
- 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.
- "This technology has the potential to be a game-changer on the industry's path to zero-emission flight," said CFO Derek Kerr.
- Other investors in Universal Hydrogen include Airbus SE EADSF Airbus Ventures, General Electric Co GE GE Aviation, and Toyota Motor Corp TM Toyota Ventures.
- Price Action: AAL shares are trading lower by 1.72% at $11.97 on the last check Monday.
- Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.