Sustainable fuels maker Airco is trying to raise $40 million via convertible notes at a valuation of up to $800 million, Axios Pro has learned.
That would more than double the valuation it secured in 2024.
The intrigue: Airco's Defense Department contract, which is worth up to $65 million, is being transferred within the DOD to the Operational Energy Capabilities Improvement Fund (OECIF), COO Sathya Motupally says.
