OXCCU, a College of Oxford spinout creating sustainable aviation gas (SAF), has secured £20.75m for its Collection B funding spherical.
Thought-about by many in aviation to be the important thing to making sure the trade can proceed, SAF is a time period describing a wide range of fuels for aircrafts developed sustainably.
Whereas dependable large-scale SAF improvement has been a problem attributable to excessive prices and regulatory challenges, there’s appreciable hope for the expertise to permit air journey to proceed alongside net-zero ambitions.
Among the many companies creating SAF is OXCCU, which is working in direction of the commercialisation of its system of turning waste carbon into gas.
“In a market the place capital is tight and traders are rightly selective, this elevate is a testomony to the power of our science, the readability of our mission and the urgency of the issue we’re fixing,” mentioned OXCCU chief govt Andrew Symes.
New traders within the oversubscribed spherical embrace Orlen VC, Safran Company Ventures, Worldwide Airways Group, Hostplus and TCVC.
“We recognise the necessity for the world to realize web zero emissions by 2050 and for the aviation sector to play its half and to develop sustainably,” mentioned IAG sustainability director Jonathon Counsell.
“Assembly these objectives might be supported by this funding into OXCCU which is a part of our technique of creating new partnerships to supply next-generation fuels.”
Present traders together with Clear Vitality Ventures, IP Group, Aramco Ventures, Eni Subsequent, Braavos Capital and the College of Oxford additionally participated within the spherical.
Earlier this month the corporate recruited Nacho Gimenez, former managing director at BP Ventures.
