Oxford University spinout OXCCU has raised £20.75 million in an oversubscribed Series B funding round to accelerate the commercialisation of its one-step process to turn waste carbon into sustainable aviation fuel (SAF).
New investors include Orlen VC, Safran Corporate Ventures, International Airlines Group (IAG), Hostplus and TCVC, alongside continued support from Clean Energy Ventures, IP Group, Aramco Ventures, Eni Next, Braavos Capital and the University of Oxford.
The fresh capital will also enable the firm to expand operations and scale up its technology following the launch of its OX1 demonstration plant at London Oxford Airport in 2024.
A second facility, OX2, is under construction and is due to be operational in 2026.
“In a market where capital is tight and investors are rightly selective, this raise is a testament to the strength of our science, the clarity of our mission and the urgency of the problem we’re solving,” said OXCCU co-founder and CEO, Andrew Symes.
“What we’re seeing is that serious players with truly distinctive technologies are still getting funded.”
The company has created a patented iron-based catalyst that turns waste carbon directly into jet fuel in one energy-releasing reaction.
By eliminating the need for reverse water gas shift or e-methanol steps, the process is said to cut both production costs and the carbon intensity of the fuel.
Jonathon Counsell, group sustainability director at IAG, added: “We recognise the need for the world to achieve net zero emissions by 2050 and for the aviation sector to play its part and to develop sustainably.
“IAG has been a leader in the sector, being the first airline group globally to commit to net zero by 2050. We are further committed to our goal of meeting 10% of our fuel needs with SAF by 2030.
“Meeting these goals will be supported by this investment into OXCCU which is part of our strategy of developing new partnerships to produce next-generation fuels.”
While aviation is the initial focus, OXCCU says its solution also has applications in chemicals and plastics.
Symes continued: “This is a critical time for climate tech, as the urgency continues to increase.
“Aviation needs a solution, and the serious lever is SAF. The challenge is SAF cost and that is exactly what we are addressing at OXCCU.”
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