OXCCU raises £22 million for sustainable aviation fuel financing

OXCCU has completed a $22.7 million (€21 million) Series A financing to commercialise cost-effective sustainable aviation fuel (SAF).
The round was led by Clean Energy Ventures with participation from investors Aramco Ventures; Eni Next, the corporate venture arm of Italian energy company Eni; United Airlines Ventures Sustainable Flight FundSM; and Braavos Capital alongside existing investor Kiko Ventures (IP Group’s cleantech investment platform), and the University of Oxford.
Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures also participated in the financing.
Leveraging the funding, OXCCU plans to accelerate its path to market by scaling its catalytic approach to convert hydrogen and carbon dioxide into SAF and other sustainable fuels.
Amid global efforts to decarbonise transportation emissions, attention is turning to aviation, as evidenced by new sustainable aviation fuel mandates from the European Union’s ReFuelEU Aviation Standard to the US’s Renewable Fuel Standard (RFS) and Sustainable Skies Act.
Buoyed by increasingly stringent regulations, investors, energy companies and the aviation industry are focusing attention on low-cost, innovative and carbon-neutral solutions.
While the SAF market is still in development, jet fuel alternatives are already estimated to be costly as most synthesis processes from carbon dioxide require two capital intensive steps.
OXCCU's technology consolidates the traditional e-hydrocarbons production process from a two-step Reverse Water Gas Shift (RWGS) and Fischer Tropsch (F-T) reaction to a one-step catalytic conversion that offers a radically cost-effective solution.
Co-founder and Managing Partner of Clean Energy Ventures. “OXCCU’s process is unique in the emerging SAF industry based on our evaluation of dozens of technologies. 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.”