- $28 million Series B funding led by IAG Ventures, Safran, and Orlen VC, with continued backing from major investors including Aramco Ventures and Clean Energy Ventures.
- OXCCU’s iron-based catalyst enables the one-step production of SAF from waste carbon, reducing both costs and emissions.
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New funding supports commercial expansion, with the OX2 demonstration plant set to launch in 2026 and applications extending into aviation, chemicals, and plastics.
The Oxford University spin-out developing a one-step process to convert waste carbon into Sustainable Aviation Fuel (SAF), has raised $28 million (£20.75 million) in an oversubscribed Series B funding round.
The round welcomed new investors including Orlen VC, Safran Corporate Ventures, International Airlines Group (IAG), Hostplus, and TCVC, alongside continued support from existing backers such as Clean Energy Ventures, IP Group/Kiko Ventures, Aramco Ventures, Eni Next, Braavos Capital, and the University of Oxford.
Funding Goals
The new capital will enable OXCCU to accelerate its commercialisation efforts, expand operations, and advance its next phase of technology scale-up. This builds on the launch of its first demonstration plant OX1 at London Oxford Airport in 2024, with the second plant OX2 set to be fully operational in 2026.
Executive and Investor Statements
Andrew Symes, CEO of OXCCU, stated:
“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. What we’re seeing is that serious players with truly distinctive technologies are still getting funded.”
Jonathon Counsell, Group Sustainability Director at IAG, commented:
“We recognise the need for the world to achieve net zero emissions by 2050 and for the aviation sector to play its part. IAG has been a leader in the sector, being the first airline group globally to commit to net zero by 2050. We are further committed to our goal of meeting 10% of our fuel needs with SAF by 2030. 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.”
Ireneusz Fąfara, President of the Management Board of Orlen, said:
“We invest in the technologies of tomorrow to effectively transform our business. This year, we introduced SAF—sustainable aviation fuel produced from renewable and waste raw materials—into our offering. In line with our strategy, by 2035 we aim to become one of the leading producers of SAF in Europe. Supporting the achievement of this goal is a new investment by Orlen VC in the technology of OXCCU, a company enabling the conversion of green hydrogen and carbon dioxide into synthetic aviation fuel. Its commercialization will strengthen our market competitiveness and support our pursuit of carbon neutrality.”
Nathalie Stubler, Chief Sustainability Officer at Safran, added:
“At Safran, we are committed to advancing the decarbonization of aviation. In addition to the development of new technologies in our own products such as engines and aircraft equipment, we are also supporting the de-risking and industrial scale-up of the most promising sustainable aviation fuel technologies.”
Daniel Goldman, Managing Partner and Co-founder of Clean Energy Ventures, said:
“OXCCU stands out not only for its differentiated technology but also for the speed of its progress toward commercial plants. In just a few years, the company has advanced from the lab to a commercial demonstration facility, proving that waste carbon and hydrogen can be converted directly into jet fuel at low cost. That rapid progress is reshaping the sustainable aviation fuel market, unlocking the affordability aviation needs to decarbonize. With the extraordinary leadership team and support of its strategic investors, we are confident OXCCU will lead the decarbonization of fuels and chemicals in the coming years.”
Dr Robert Trezona, Partner, Cleantech at IP Group, noted:
“This round is a significant milestone, not just for the company, but for the sector – significant capital being put to work from established industry actors on a credible path to fully decarbonise aviation. OXCCU showcases the UK’s ability to lead in climate innovation, turning world-class science into global solutions, while generating jobs and lasting impact. We’re proud to continue to support the company as it scales its compelling single-step technology.”
Technology and Impact
OXCCU’s patented iron-based catalyst enables direct synthesis of jet-fuel-range hydrocarbons from gaseous waste carbon and hydrogen in a single exothermic reaction, eliminating the need for reverse water gas shift or e-methanol steps. This process reduces capital and operating costs, while lowering the carbon intensity of the fuel.
The catalyst’s flexibility allows it to operate efficiently with a wide range of gas inputs including reformed biogas, gasified wood waste, and pure carbon dioxide with hydrogen, making it applicable across diverse feedstocks.
Beyond aviation, OXCCU’s solution also holds potential applications in chemicals and plastics.
Symes concluded:
“This is a critical time for climate tech, as the urgency continues to increase. Aviation needs a solution, and the serious lever is SAF. The challenge is SAF cost and that is exactly what we are addressing at OXCCU.”
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