OXCCU, a University of Oxford spinout developing sustainable aviation fuel (SAF), has secured £20.75m for its Series B funding round.
Considered by many in aviation to be the key to ensuring the industry can continue, SAF is a term describing a variety of fuels for aircrafts developed sustainably.
While reliable large-scale SAF development has been a challenge due to high costs and regulatory challenges, there is considerable hope for the technology to allow air travel to continue alongside net-zero ambitions.
Among the firms developing SAF is OXCCU, which is working towards the commercialisation of its system of turning waste carbon into fuel.
“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 chief executive Andrew Symes.
New investors in the oversubscribed round include Orlen VC, Safran Corporate Ventures, International Airlines Group, Hostplus and TCVC.
“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,” said IAG sustainability director Jonathon Counsell.
“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.”
Existing investors including Clean Energy Ventures, IP Group, Aramco Ventures, Eni Next, Braavos Capital and the University of Oxford also participated in the round.
Earlier this month the company recruited Nacho Gimenez, former managing director at BP Ventures.
