Oxford University spin-out, OXCCU, has secured GBP 20.75 million (USD 28 million) in an oversubscribed Series B funding round to develop a one-step process to convert waste carbon into Sustainable Aviation Fuel (SAF).
The company says the new capital will enable OXCCU to accelerate its commercialisation efforts, expand its operations, and advance its next phase of technology scale-up.
It builds on the launch of the company’s OX1 demonstration plant at London Oxford Airport in 2024. Their second demonstration plant, OX2, is underway and will be fully operational in 2026.
While the announcement aligns with increasing regulatory momentum and market demand for sustainable fuels, high production costs, despite mandates like the UK SAF mandate and ReFuelEU, continue to hinder widespread adoption.
“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 Andrew Symes, CEO of OXCCU. “What we’re seeing is that serious players with truly distinctive technologies are still getting funded.”
OXCCU’s one-step SAF process.
OXCCU simplifies SAF production by directly synthesizing jet-fuel-range hydrocarbons from waste carbon using a patented iron-based catalyst in a single exothermic reaction, eliminating complex steps and reducing costs and carbon intensity.
The catalyst efficiently converts diverse feedstocks like reformed biogas, gasified wood waste, and pure carbon dioxide with hydrogen due to its flexibility with varied input gas compositions of carbon dioxide, carbon monoxide, and hydrogen.
Jonathon Counsell, Group Sustainability Director at International Airlines Group (IAG), said: “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.”
New investors Orlen VC, Safran Corporate Ventures, IAGi Ventures (the dedicated corporate venturing arm of the International Airlines Group (IAG), Hostplus, and TCVC participated in the new round, with existing backers, including Clean Energy Ventures, IP Group/Kiko Ventures, Aramco Ventures, Eni Next, Braavos Capital, and the University of Oxford, continued their support.
Andrew Symes: “This raise is a testament to the strength of our science”.
