Sustainable fuel startup OXCCU Tech has secured $22.7 million in funding as it looks to scale up its technology to convert carbon dioxide and hydrogen into renewable fuels, including sustainable aviation fuel (SAF).
A spin-off company from Oxford Unversity, OXCCU has developed technology that transforms the traditional e-fuel production from a capital-intensive, two-step process to a single step. The company said this simplified process results in a significant reduction in “SAF cost due to higher selectivity yield in the jet fuel range and a 50 percent lower capital cost,” helping SAF achieve cost parity with conventional jet-A.
The investment came from climate technology venture capital firm Clean Energy Ventures with participation from Aramco Ventures, Eni Next, United Airlines Ventures Sustainable Flight Fund, and Braavos Capital. They join earlier investors Kiko Ventures, 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 Clean Energy co-founder and managing partner Daniel Goldman. “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.”