Aether Fuels bags $15m funding from new, existing investors

Sustainable fuels technology company Aether Fuels said it has secured an additional $15m in convertible note financing from new investors Aster Ventures (deep tech arm of Aster) and EDBI, the investment arm of SG Growth Capital, alongside existing investors AP Ventures, Xora Innovation, CDP Venture Capital, TechEnergy Ventures, Foothill Ventures, Eni Next, and Chevron Technology Ventures.

The startup has so far secured over $60m in funding, and this most recent investment was catalysed by Aether’s announcement of Project Beacon. The company plans to use these funds to accelerate the execution of project.

“Aether is closing the year with strong momentum across leadership, technology, and project execution,” said Conor Madigan, founder and CEO of Aether Fuels. “First, we are thrilled to add Aster Ventures and Singapore’s EDBI as new investors. Second, over the past 12 months, we’ve expanded our global team and advanced our first commercial facility in Singapore…”

In addition to the funding, the company also announced leadership appointments to steer its projects towards final investment decisions and commercialisation of its technology.

Aether announced the appointment of Stu Stott as global vice president of projects, who will be based in Singapore through the execution of Project Beacon.

Stu’s background includes leading the development of multiple LNG terminals, integrated power infrastructure projects and delivering first-of-a-kind sustainable fertiliser facilities in the U.S. Midwest.

Aether said Stu will lead the delivery of commercial-scale sustainable fuels production facilities, overseeing end-to-end project development from conceptual engineering through final investment decision (FID).