June 7, 2023

OXCCU Raises $22 Million to Transform Carbon Dioxide intoSustainable Aviation Fuel

● Developed by Oxford University scientists, OXCCU converts captured carbon dioxide
into sustainable aviation fuel to cost-effectively decarbonize air transport
● Led by Clean Energy Ventures, the Series A round is composed of new investors
including United Airlines and two global energy companies.

LONDON, June 7, 2023 — OXCCU (pronounced Ox.C.C.U.), a leading carbon-to-value
company converting carbon dioxide and hydrogen into industrial and consumer products, has
completed a US $22.7 million (£18 million) Series A financing to commercialize cost-effective
sustainable aviation fuel (SAF). 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
SM; 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.
Amid global efforts to decarbonize transportation emissions, attention is turning to aviation, as
evidenced by new sustainable aviation fuel mandates from the European Union’s ReFuelEU
Aviation Standard to the U.S.’s Renewable Fuel Standard (RFS) and Sustainable Skies Act.
Buoyed by increasingly stringent regulations, investors, energy companies and industry are
focusing attention on low-cost, innovative and carbon-neutral solutions.
While the SAF market is still in development, jet fuel alternatives are already estimated to be
costly as most synthesis processes from carbon dioxide require two capital intensive steps.
OXCCU’s technology consolidates the traditional e-hydrocarbons production process from a
two-step Reverse Water Gas Shift (RWGS) and Fischer Tropsch (F-T) reaction to a one-step
catalytic conversion that offers a radically cost-effective solution. Available to customers as
, 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
“This breakthrough is exactly what we need to turn the emerging SAF market into reality and
cost-effectively cut carbon emissions from fuel production at scale,” said Daniel Goldman,
Co-founder and Managing Partner of Clean Energy Ventures. “OXCCU’s process is unique in
the emerging SAF industry based on our evaluation of dozens of technologies. We see
extraordinary potential for this technology to mitigate new aviation fuel production emissions at
gigaton-scale in the near-future, and we are pleased to lead an extraordinary consortium of
industry leaders to support the company in its commercialization and deployment.”
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.

“Sustainable aviation fuel is the best tool we have to decarbonize air travel, but we continue to
face a significant supply shortage,” said United Airlines Ventures President Michael Leskinen.
“The technology developed by OXCCU has the potential to resolve our supply problem by using
CO2 as a feedstock to produce fuel. This cutting-edge solution could be a cost-effective
pathway for United to reach our commitment of net-zero carbon emissions by 2050, without
relying on traditional carbon offsets.”
“At OXCCU, we’re inspired by the prospect of crossing the Atlantic using sustainable aviation
fuel,” said CEO Andrew Symes. “We’ve built an extraordinary team of senior scientists,
engineers and operators, and now backed by this experienced group of investors, we are
confident we can scale this technology into a cost-competitive and globally deployable solution
to create a sustainable drop-in product for the global aviation market.”
OXCCU was spun-out by expert scientists and technologists at the University of Oxford. Its
mission is to address the rapidly growing market demand for fuels to meet SAF regulations as
well as for the petrochemicals, surfactants, synthetic lubricants and plastics markets. Leveraging
this funding round, OXCCU expects to scale-up the technology, expand its facilities, and double
its team in the UK.

OXCCU TECH LTD, a climate tech spin-out company from the University of Oxford, is
developing novel catalysts and reactor designs to convert carbon dioxide and hydrogen into
hydrocarbons with high conversion and selectivity for use as fuels, chemicals and plastics. The
company is headquartered in the UK, with operations at Begbroke Science Park, Oxford, and
London Oxford Airport.
Media Contact
Mission Control Communication