OXCCU raises $22m in funding for SAF production
Renewable energy company OXCCU has completed a $22.7m Series A financing round for its Sustainable Aviation Fuel (SAF) production method. The round was led by Clean Energy Ventures.
Developed by Oxford University scientists, OXCCU converts captured carbon dioxide into SAF. The firm plans to use the funding to accelerate its plans to double its team, expand its facility and invest in production capacity.
According to OXCCU, its SAF is created by combining captured carbon dioxide and renewably-sourced hydrogen through an iron-based catalyst, resulting in a more cost-effective and less carbon-dense alternative to fossil-based jet fuel. It uses the e-hydrocarbons production process from a two-step Reverse Water Gas Shift and Fischer Tropsch reaction to a one-step catalytic conversion to SAF.
“This breakthrough is exactly what we need to turn the emerging SAF market into reality and cost-effectively cut carbon emissions from fuel production at scale,” said Daniel Goldman, co-founder and managing partner, Clean Energy Ventures.
“We see extraordinary potential for this technology to mitigate new aviation fuel production emissions at gigaton-scale in the near future and we are pleased to lead an extraordinary consortium of industry leaders to support the company in its commercialisation and deployment,” said Goldman.
Other investors from the round include Aramco Ventures; Eni Next (the corporate venture branch of Italian energy company Eni); United Airlines Ventures Sustainable Flight Fund SM; and Braavos Capital alongside existing investors Kiko Ventures and the University of Oxford.
Michael Leskinen, president, United Airlines Venture said that the technology developed by OXCCU could improve SAF availability by using CO2 as a feedstock to produce fuel.
“SAF is the best tool we have to decarbonise air travel, but we continue to face a significant supply shortage,” said Leskinen. “This cutting-edge solution could be a cost-effective pathway for United to reach our commitment of net-zero carbon emissions by 2050, without relying on traditional carbon offsets.”
Andrew Symes, CEO, OXCCU said the firm’s goal is to supply the rapidly growing demand for fuels to meet SAF regulations. “At OXCCU, we’re inspired by the prospect of crossing the Atlantic using Sustainable Aviation Fuel,” he said.
“We’ve built an extraordinary team of senior scientists, engineers and operators and now, backed by this experienced group of investors, we are confident we can scale this technology into a cost-competitive and globally deployable solution to create a sustainable drop-in product for the global aviation market.”