OXCCU, a company spun-out from the University of Oxford in 2021 that is focused on converting carbon dioxide and hydrogen into industrial and consumer products (earlier post), completed an £18-million (US$22.8 million) Series A financing round.
The round was led by Clean Energy Ventures with participation from investors Aramco Ventures; Eni Next, the corporate venture arm of Italian energy company Eni; United Airlines Ventures Sustainable Flight Fund; and Braavos Capital alongside existing investor Kiko Ventures (IP Group’s cleantech investment platform), and University of Oxford.
Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures also participated in the financing. Leveraging the funding, 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.
Available to customers as OXEFUEL, OXCCU’s sustainable aviation fuel is created by combining captured carbon dioxide and renewably-sourced green hydrogen through a novel iron-based catalyst, resulting in a more cost-effective and decarbonized alternative to fossil-based jet fuel for commercial airlines.
OXCCU OXEFUEL proces overview
The OXCCU process eliminates the need for a Reverse Water Gas Shift or electrochemical syngas step leading to a step-change, simpler reactor design with higher efficiency and reduced balance of plant.
Airlines have consistently maintained that the cost competitiveness of SAF is their biggest barrier to adoption, and based on projected renewable energy costs in key production locations, OXCCU’s technology can achieve cost parity.
Modeling completed by independent researchers from Imperial College London, through Imperial Consultants, has shown that OXCCU’s one-step process significantly reduces SAF cost due to higher selectivity yield in the jet fuel range and a 50% lower capital cost.
Co-founded by Peter Edwards, Emeritus Professor of Inorganic Chemistry, alongside Drs Tiancun Xiao and Benzhen Yao, CEO Andrew Symes, and Jane Jin, OXCCU’s mission is to address the rapidly growing market demand for fuels that meet SAF regulations, as well as petrochemicals, surfactants, synthetic lubricants and plastics.