London: Oxford University scientists have developed OXCCU, a groundbreaking technology that converts captured carbon dioxide into sustainable aviation fuel, aiming to effectively reduce carbon emissions in air transport. The commercialization of this cost-effective solution has been made possible through a successful Series A financing round, led by Clean Energy Ventures and joined by prominent investors including United Airlines and two global energy companies.
OXCCU, a leading carbon-to-value company, has secured a US $22.7 million (£18 million) Series A funding to advance the production of sustainable aviation fuel (SAF). OXCCU specializes in converting carbon dioxide and hydrogen into various industrial and consumer products.
The financing round saw participation from investors such as Aramco Ventures, Eni Next (the corporate venture arm of Italian energy company Eni), United Airlines Ventures Sustainable Flight Fund SM, Braavos Capital, Kiko Ventures (IP Group’s cleantech investment platform), and the University of Oxford. Additionally, Trafigura, TechEnergy Ventures, and Doral Energy-Tech Ventures also contributed to the financing. With the newly acquired funding, OXCCU aims to expedite its market entry by scaling up its catalytic process to convert hydrogen and carbon dioxide into SAF and other sustainable fuels.
As global efforts to reduce transportation emissions intensify, the aviation sector has become a focal point. This is evident in the introduction of sustainable aviation fuel mandates by regulatory bodies like the European Union’s ReFuelEU Aviation Standard, the U.S.’s Renewable Fuel Standard (RFS), and the Sustainable Skies Act. Driven by increasingly stringent regulations, investors, energy companies, and industry stakeholders are now seeking low-cost, innovative, and carbon-neutral solutions.
While the sustainable aviation fuel market is still evolving, alternative jet fuels are already perceived as expensive, as most existing synthesis processes require two capital-intensive steps.
Daniel Goldman, Co-founder and Managing Partner of Clean Energy Ventures, expressed enthusiasm for OXCCU’s breakthrough, emphasizing its potential to make the emerging sustainable aviation fuel market a reality and significantly reduce carbon emissions from fuel production on a large scale. Goldman stated that OXCCU’s process stands out in the industry due to its exceptional technology, and he foresees tremendous potential for this solution to mitigate aviation fuel production emissions at a gigaton-scale in the near future. He also commended the consortium of industry leaders supporting OXCCU in its commercialization and deployment efforts.
Airlines have consistently highlighted the cost competitiveness of sustainable aviation fuel as a major obstacle to adoption. However, based on projected renewable energy costs in key production locations, OXCCU’s technology has the potential to achieve cost parity. Independent researchers from Imperial College London, working through Imperial Consultants, have conducted modeling that demonstrates OXCCU’s one-step process significantly reduces the cost of producing sustainable aviation fuel. This is primarily due to higher selectivity yield in the jet fuel range and a 50% lower capital cost.
- Company press release
