University of Oxford spin-out OXCCU TECH LTD has closed an oversubscribed £20.75 million ($28 million) Series B funding round to support its single-step process of converting waste carbon into sustainable aviation fuel (SAF).
The round included new investors ORLEN VC, Safran Corporate Ventures, IAGi Ventures (the corporate venturing arm of International Airlines Group (IAG)), Hostplus, and TCVC, alongside continued backing from Clean Energy Ventures, IP Group plc/Kiko Ventures, Aramco Ventures, Eni Next, Braavos Capital and the University of Oxford.
The proceeds will support OXCCU’s next phase of scale-up and commercialisation, following the launch of its first demonstration plant (OX1) at London Oxford Airport in 2024. A second demonstration site, OX2, 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 CEO Andrew Symes.
“What we’re seeing is that serious players with truly distinctive technologies are still getting funded.”
OXCCU’s patented iron-based catalyst enables the direct synthesis of jet-fuel-range hydrocarbons from waste carbon gases and hydrogen in a single exothermic reaction, eliminating intermediate steps such as reverse water gas shift or e-methanol. The company claims this reduces both capital and operating costs while lowering carbon intensity. The technology is designed to process a wide range of input gas compositions, including reformed biogas, gasified wood waste and pure CO₂ with hydrogen.
International Airlines Group’s sustainability director Jonathon Counsell stated: “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.”
“By 2035 we aim to become one of the leading producers of SAF in Europe,” noted Ireneusz Fąfara, President of Orlen.
“Supporting the achievement of this goal is a new investment by ORLEN VC in the technology of OXCCU.”
Safran’s Chief Sustainability Officer Nathalie Stubler, commented: “We are committed to advancing the decarbonization of aviation… supporting the de-risking and industrial scale-up of the most promising sustainable aviation fuel technologies.”
Clean Energy Ventures’ partner Daniel Goldman added: “In just a few years, the company has advanced from the lab to a commercial demonstration facility, proving that waste carbon and hydrogen can be converted directly into jet fuel at low cost.”
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1wThat's amazing! Congratulations to the OXCCU team on this impressive step toward a greener future! 🚀🌱