Climate technology firm OXCCU has announced securing £18 million (approximately US$22.7 million) in funding to advance its sustainable aviation fuel (SAF) and bring it to the commercial market. SAF plays a crucial role in reducing greenhouse gas emissions in the aviation industry, which currently contributes 2-3% of global emissions. Unlike traditional fossil-based jet fuels, SAF is produced from sustainable sources such as waste oils and agricultural residues, resulting in significant emissions reductions.
With a growing demand for SAF driven by climate goals set by airlines and governments, the European Parliament and EU Council agreed in April to implement new regulations requiring a minimum SAF share of fuel at EU airports, reaching 70% by 2050.
While existing methods of producing SAF face challenges in scaling up due to limited feedstock availability, using captured carbon dioxide as a SAF feedstock is an emerging solution, albeit a costly one.
OXCCU, which originated from the University of Oxford’s Chemistry Department in 2021, combines captured carbon dioxide with renewable hydrogen from water using an iron-based catalyst to produce fuels, chemicals, and biodegradable plastics. Marketed as OXEFUEL, the company’s SAF offers a more affordable and environmentally friendly alternative to fossil-based jet fuel, catering to the needs of commercial airlines.
The recently raised funding, led by Clean Energy Ventures, will be utilized by OXCCU to enhance its technological capabilities, expand its facilities, and grow its team in the United Kingdom. Additional investors in the Series A funding round include Aramco Ventures, Eni Next, United Airlines Ventures Sustainable Flight Fund SM, and Braavos Capital, joining existing investors Kiko Ventures and the University of Oxford.
