Milbank LLP advised Embraer S.A., a Brazilian aerospace manufacturer and the third largest aircraft manufacturer globally, and its corporate venture capital vehicle Embraer Ventures FIP, in connection with its investment in United Airlines’ sustainable aviation fuel (SAF)-focused investment fund, the United Airlines Ventures (UAV) Sustainable Flight Fund (SAF Fund). Embraer Ventures FIP is Embraer’s corporate venture capital investment vehicle focused on investments in new technology and transformational initiatives in the aerospace industry, such as autonomous flight, artificial intelligence, robotics and sustainable fuel.
The SAF Fund has over $200 million of committed capital and focuses on investments in new technology, advanced fuel sources and proven producers, aimed at supporting the scaling of sustainable aviation fuel supply. Sustainable aviation fuel is seen as one of the key tools to help decarbonize the aviation industry, which currently accounts for 2-3% of global greenhouse gas emissions. Embraer's investment is part of its strategy to support building a new sustainable aviation ecosystem, and Embraer joins a select group of leading companies in the tech, aviation and energy industries as investors in the SAF Fund.
The Milbank team advising Embraer was led by partner Tobias Stirnberg (Corporate Finance and Securities, São Paulo) and included partner Catherine Leef Martin (Alternative Investments, New York) and associates Guilherme Maranhão and Caio Junqueira de Brito (Corporate Finance and Securities, São Paulo) and Kaitlyn Tsai (Alternative Investments, New York).
