OXCCU Raises €23.7M In Series B Funding To Scale Sustainable Aviation Fuel From Waste Carbon

The funding will accelerate commercialization, expand operations, and support the next phase of technology scale-up.

New investors include Orlen VC, Safran Corporate Ventures, International Airlines Group (IAG), Hostplus, and TCVC, joined by existing backers Clean Energy Ventures, IP Group/Kiko Ventures, Aramco Ventures, Eni Next, Braavos Capital, and the University of Oxford.

“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 Andrew Symes, CEO of OXCCU. “What we’re seeing is that serious players with truly distinctive technologies are still getting funded.”

OXCCU’s Series B is among the largest 2025 deals in Europe’s clean fuels and carbon conversion sector, surpassing the mid-single-digit million rounds typical of early-stage players. While peers like Spark e-Fuels (€2.3M) and Crosstown (€3.2M) remain at Seed stage OXCCU is advancing toward commercialisation and demonstration scale.

The round highlights strong investor interest in more mature, de-risked carbon-to-liquids and SAF technologies, especially those with clear paths to cost reduction and industrial deployment. Similar activity is seen with Spain’s Catalyxx, converting bioethanol into renewable chemicals/SAF intermediates though OXCCU’s one-step carbon-to-hydrocarbon approach remains unique at this scale.

Jonathon Counsell, Group Sustainability Director at International Airlines Group (IAG), said: “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. 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.”

Founded in 2021, OXCCU develops advanced catalysts and reactor designs to convert waste carbon into liquid hydrocarbons with high efficiency and selectivity for fuels and chemicals.

The Series B funding follows the 2024 launch of the OX1 demonstration plant at London Oxford Airport. OX2, the company’s second plant, is under construction and set to be operational in 2026.

Amid rising regulatory support and demand for sustainable fuels, including the UK SAF mandate and ReFuelEU, OXCCU notes that high production costs still pose a significant barrier to widespread adoption.

Ireneusz Fąfara, President of the Management Board of ORLEN, added: “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 commercialisation will strengthen our market competitiveness and support our pursuit of carbon neutrality.”

The funding highlights the growing focus on lowering SAF production costs to enable large-scale aviation decarbonisation.

OXCCU’s patented iron-based catalyst streamlines SAF production by converting gaseous waste carbon directly into jet-fuel-range hydrocarbons in a single exothermic reaction, eliminating steps like reverse water gas shift or e-methanol.

This method cuts both capital and operating costs while reducing fuel carbon intensity. Its catalyst works well with different gas mixtures like carbon dioxide, carbon monoxide, and hydrogen allowing the conversion of feedstocks such as reformed biogas, gasified wood waste, and pure CO₂ with hydrogen.

“This is a critical time for ClimateTech, as the urgency continues to increase,” added Symes. “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.”

About OXCCU

OXCCU Tech Ltd develops innovative technologies to convert waste carbon into sustainable fuels, chemicals, and plastics. Using proprietary catalysts and reactor designs, the company enables cost-effective, low-carbon production pathways, supporting decarbonisation, circular economy solutions, and scalable, environmentally friendly alternatives for the energy, aviation, and chemical industries