OXCCU, a spin-out from Oxford University, has secured $28 million in an oversubscribed Series B funding round. The company is pioneering a single-step process to transform waste carbon into sustainable aviation fuel (SAF), positioning itself as a key player in aviation decarbonization.
The investment round brought in global leaders from aviation, energy, and climate sectors. Notable backers include:
- International Airlines Group (IAG) through IAGiVentures
- Safran Corporate Ventures
- Orlen VC
- Hostplus and TCVC
- Returning investors such as Clean Energy Ventures, Aramco Ventures, IP Group/Kiko Ventures, Eni Next, Braavos Capital, and the University of Oxford
Why This Funding Matters
The capital will accelerate OXCCU’s commercialization efforts, expand operations, and support the next phase of technology scale-up. This follows the launch of its first demonstration plant, OX1, at London Oxford Airport in 2024, with a second facility, OX2, set to become fully operational in 2026.
Demand for SAF is rising due to regulatory pushes such as the UK SAF mandate and ReFuelEU. However, high production costs continue to hinder wide adoption. OXCCU aims to address this challenge.
OXCCU’s Technology Advantage
OXCCU’s innovation lies in its patented iron-based catalyst, which enables direct synthesis of jet-fuel-range hydrocarbons in one step. Unlike traditional methods, it avoids costly reverse water gas shift and e-methanol steps.
Key benefits include:
- Lower capital and operating costs
- Reduced carbon intensity of fuel
- Ability to process diverse feedstocks, including reformed biogas, wood waste, and pure COâ‚‚ with hydrogen
Industry Support and Commitments
Leaders from across the aviation and energy sectors emphasized the importance of SAF and OXCCU’s role:
- Andrew Symes, CEO of OXCCU: Highlighted the strength of the science and urgency of tackling SAF costs.
- Jonathon Counsell, IAG Sustainability Director: Reaffirmed IAG’s goal of sourcing 10% of its fuel from SAF by 2030.
- Ireneusz Fąfara, ORLEN President: Noted ORLEN’s ambition to become a leading SAF producer in Europe by 2035.
- Nathalie Stubler, Safran Chief Sustainability Officer: Stressed support for scaling promising SAF technologies.
- Daniel Goldman, Clean Energy Ventures Co-founder: Pointed to OXCCU’s rapid progress from lab to commercial demonstration.
Beyond Aviation
While aviation is the priority, OXCCU’s solution also applies to chemicals and plastics. This versatility strengthens its potential impact on broader industrial decarbonization.
With this new round of funding, OXCCU is set to accelerate the shift toward affordable, scalable, and sustainable aviation fuel, supporting global net-zero ambitions.