Oxford-based OXCCU, a clean fuel startup looking to tackle pollution from the aviation industry, has secured £18m in new funding.
Founded as a spinout from the University of Oxford, OXCCU says it has developed a way to convert carbon dioxide and hydrogen into sustainable aviation fuel (SAF).
As one of the least climate-friendly methods of transportation, aviation is a major target for decarbonisation.
A study from 2020 found that air travel accounted for around 2.4% of global CO2 emissions and as an industry it is responsible for 5% of global warming.
While alternative plane fuel already exists, OXCUU said that existing alternative jet fuels are estimated to be costly as most synthesis processes from carbon dioxide require two capital-intensive steps.
“At OXCCU, we’re inspired by the prospect of crossing the Atlantic using sustainable aviation fuel,” said CEO Andrew Symes.
“We’ve built an extraordinary team of senior scientists, engineers and operators, and now backed by this experienced group of investors, we are confident we can scale this technology into a cost-competitive and globally deployable solution to create a sustainable drop-in product for the global aviation market.”
The Series A round was led by Clean Energy Ventures and featured participation from Aramco Ventures, Eni Next, United Airlines Ventures, Braavos Capital, Kiko Ventures, the University of Oxford, Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures.
“This breakthrough is exactly what we need to turn the emerging SAF market into reality and cost-effectively cut carbon emissions from fuel production at scale,” said Daniel Goldman, 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.”
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