Oxccu Raises £20.75m to Accelerate Sustainable Aviation Fuel Production
Oxccu, a University of Oxford spin-out, has raised £20.75m in its latest funding round to accelerate the commercialisation of its patented process that converts waste carbon dioxide into sustainable aviation fuels (SAF). The process uses an iron-based catalyst to directly synthesise jet-fuel-range hydrocarbons from gaseous waste carbon dioxide in a single reaction.
Oxccu's process eliminates the need for reverse water gas shift or e-methanol steps, reducing capital and operating costs and lowering the carbon intensity of the fuel. The catalyst can operate with a wide range of carbon dioxide, carbon monoxide, and hydrogen input gas compositions, allowing it to convert different feedstocks efficiently. Despite high production costs being a barrier to widespread adoption, there is growing regulatory momentum and market demand for SAF. Oxccu plans to launch its OX1 demonstration plant at London Oxford Airport in 2024 and have its OX2 plant fully operational by 2026.
According to a new report from the International Air Transport Association, the slow pace of technology roll-out, rather than feedstock availability, is the main bottleneck to SAF.
Oxccu's successful funding round, one of the largest in the SAF sector, will help accelerate the commercialisation of its innovative process. With plans to launch demonstration and full-scale plants in the near future, Oxccu is well-positioned to contribute to the growing demand for sustainable aviation fuels.
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