ANA Future Frontier Fund Invests in Terraton Industrial, Inc.

TOKYO, August 29, 2025 - ANA HOLDINGS INC. (hereinafter "ANA HD"), through its corporate venture capital (CVC) fund "ANA Future Frontier Fund L.P.", today announced its investment in Terraton Industrial, Inc. (Terraton), a U.S.-based software platform provider that scales biochar carbon removal.

Agricultural businesses in regions burdened by climate impacts and rising production costs are struggling to remain profitable. Biochar presents a promising solution by converting unused agricultural waste into stable carbon that improves soil health and generates additional income through verified carbon credits. Yet, its broader adoption has been limited by high upfront costs, operational complexity, and restricted market access.

Terraton is addressing these barriers with a vertically integrated platform that combines software, hardware, and financing to help operators launch and manage biochar facilities with minimal initial investment. Through this model, agribusinesses can efficiently run reliable operations while monetizing carbon credits. Terraton has already launched two projects—including one with cocoa farmers in Ghana—and secured a pre-purchase agreement for carbon credits, providing early validation and traction for its approach.

ANAHD made the decision to invest in Terraton for its unique platform that addresses the carbon credit supply gap while creating new revenue streams for agribusiness operators and strengthening local economies. Through this investment, ANAHD aims to support Terraton's growth and help accelerate the global transition to a low-carbon economy.

About Terraton Industrial

Location	350 California Street, Suite 400, San Francisco, CA 94104
Representative	Kevin Gibs
Founded	July 2024
URL	https://terraton.ai/

About ANA Future Frontier Fund L.P.

Name	AH-GB Future Creation Investment Limited Partnership (called: "ANA Future Frontier Fund L.P.")
Date of establishment	April 2024
Fund size	8 billion yen
Operational Period	10 years
Major Investment Fields	Accelerating the creation of new businesses and strengthening non-airline ventures to improve the profitability of revenue streams, while simultaneously enhancing airline profitability and elevating the customer experience. EXAMPLES Next-generation mobility, which includes air mobility, MaaS platform, Universal MaaS, drones and space. Customer base utilization businesses such as Fintech, data analytics and NFT. Carbon neutral fuels such as SAF, negative emission technologies like DAC, green energy and carbon offsets. In addition, innovations in aviation services and operations, such as robotics, AI and self-driving technologies, are being explored.
Unlimited partner	Global Brain Corporation
Limited partner	ANA HOLDINGS INC.
URL	https://www.anahd-cvc.com/en

Inquiries from corporate customers: contact_afff@anahd.co.jp

Contact:
ANA Corporate Communications, TEL +81-3-6735-1111, publicrelations@ana.co.jp

About ANA HOLDINGS
ANAHD was established in 2013 as the largest airline group holding company in Japan, comprising 71 companies. It offers three distinct airline brands: ANA, Peach, the leading LCC in Japan, and AirJapan, launched in 2024 for international routes covering Asia.

ANA's legacy of superior service has earned SKYTRAX's 5-Star rating every year since 2013, making it the only Japanese airline to win this prestigious designation for 12 consecutive years.

In 2025, ANA was honored with FlightGlobal’s Executive Leadership: Asia-Pacific Award for its visionary leadership and strategic growth.

ANA is also a four-time recipient of the ATW Airline of the Year award, recognized for excellence in aviation.

ANAHD has been selected as a member of the Dow Jones Sustainability World Index list for eight consecutive years and the Dow Jones Sustainability Asia Pacific Index list for nine consecutive years.

For more information about ANA and ANA HD, please visit: https://www.ana.co.jp/group/en/