OXCCU has secured $22.7 million in funding to advance the commercialization of cost-effective sustainable aviation fuels (SAF).
A pioneering carbon-to-value company, OXCCU has concluded a Series A financing round, acquiring the necessary funding to move forward with its SAF endeavor. Led by Clean Energy Ventures and joined by investors such as Aramco Ventures, Eni Next, United Airlines Ventures Sustainable Flight Fund, this funding positions OXCCU to scale its approach to convert carbon dioxide and hydrogen into SAF and other sustainable fuels.
With increasing global efforts to decarbonize transportation emissions, the aviation industry is particularly focusing on low-cost, innovative, and carbon-neutral solutions, making OXCCU’s breakthrough technology timely and promising. The funds secured by the company will allow it to further develop technology, expand its facilities, and double its team in the United Kingdom.
The Challenge of Sustainable Aviation Fuel
While sustainable aviation fuel is gaining traction as a solution to reduce carbon emissions from air travel, its high costs have been a major obstacle to widespread adoption. The current process to develop jet fuel alternatives involves two steps, whereas OXCCU’s technology streamlines this process by consolidating the two-step reaction into a single-step catalytic conversion. The result is OXEFUEL, a cost-effective and decarbonized alternative to fossil-based jet fuel for commercial airlines.
OXCCU’s unique one-step process offers a cost-effective solution for sustainable aviation fuel production. By combining captured carbon dioxide and renewable green hydrogen through a novel catalyst, OXEFUEL is created. The technology significantly reduces SAF costs, OXCCU said.
The Future of OXCCU
OXCCU, a subsidiary of the University of Oxford, has assembled a team of accomplished scientists, engineers, and operators to create a cost-competitive and globally deployable solution for the sustainable aviation fuel market. The company plans to utilize the funding to expand its facilities, double its team in the U.K., and meet the rapidly growing market demand for fuels that comply with SAF regulations.
OXCCU’s successful Series A funding round marks the offering of a cost-effective and decarbonized alternative to traditional jet fuel.