Swiss e-SAF firm Metafuels raises $9m
Swiss sustainable aviation fuel (SAF) technology developer Metafuels announced its successful oversubscribed $9m funding round led by Celsius Industries.
Other new investors in the latest round included RockCreek, Fortescue Ventures, Verve Ventures, with existing investors Energy Impact Partners (EIP) and Contrarian Ventures also participating.
“We are thrilled to have Celsius, RockCreek, Fortescue and Verve onboard as new strategic partners. We have now raised $22m since launching, which is going to allow us to complete the demonstration programme and focus on industrialisation, and the commercial rollout for our e-SAF offering. We will be looking at implementing a number of new sustainable aviation fuel production sites and are already engaging with various stakeholders as potential investors or e-SAF off-takers,” said Saurabh Kapoor, CEO and co-founder Metafuels.
The latest raise would take the total funding to $22m in two years making it the Europe’s best funded SAF startups, according the company.
Metafuels technology focuses on SAF production using renewable electricity as the primary energy source (e-SAF).
However, the company is working on cost leadership through the ability to convert its feedstock (e-methanol) into e-SAF with a significantly higher yield, ensuring a more efficient and cost-effective process.
In May this year, Metafuels announced that it has signed an agreement with European Energy to set up a synthetic sustainable aviation fuel (e-SAF) facility in Denmark.
The facility will produce approximately 12,000 litres of e-SAF daily. The project development phase is underway, with Metafuels already engaged in early offtake conversations.
To note, Metafuels raised its first institutional funding round of $8m, led by Energy Impact Partners (EIP) and Contrarian Ventures.
The proceeds were meant to be used to set up a pilot facility at the Paul Scherrer Institut (PSI). Metafuels’ eSAF technology uses a proprietary process to convert green methanol (from green hydrogen and sustainably-sourced carbon dioxide) to eSAF, which the company has branded as aerobrew.