OXCCU has completed a $22.7 million Series A financing to commercialise cost-effective sustainable aviation fuel (SAF).
The round was led by Clean Energy Ventures with participation from investors Aramco Ventures; Eni Next, United Airlines Ventures Sustainable Flight FundSM; and Braavos Capital alongside existing investor Kiko Ventures, and the University of Oxford.
Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures also participated in the financing.
OXCCU plans to accelerate its path to market by scaling its catalytic approach to convert hydrogen and carbon dioxide into SAF and other sustainable fuels.
OXCCU's technology consolidates the traditional e-hydrocarbons production process from a two-step Reverse Water Gas Shift (RWGS) and Fischer Tropsch (F-T) reaction to a one-step catalytic conversion that offers a radically cost-effective solution.
Temple Fennell, Co-founder and Managing Partner, Clean Energy Ventures said: “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, and we are pleased to lead an extraordinary consortium of industry leaders to support the company in its commercialisation and deployment.”