The venture units of oil firms Saudi Aramco and Italy’s ENI have joined the world’s largest passenger carrier United Airlines to invest in British start-up OXCCU’s efforts to reduce the high cost of lower-carbon aviation fuel, according to Reuters.
Reports said that aviation produces around 2% of the world’s planet-warming emissions.
OXCCU has secured a US$22.7 million Series A financing to commercialise cost-effective sustainable aviation fuel (SAF).
The $22.7 million investment, led by U.S.-based investor Clean Energy Ventures, will go to Oxford University-affiliated scientists at OXCCU.
The UK startup is one of the several companies that have been searching for ways to replace kerosene and gasoline in plane engines.
OXCCU says it can make fuel by combining carbon dioxide came from industry or power plants with hydrogen made using renewably sourced electricity.
The startup managed to replace the two-step process, usually needed to bring about the chemical reaction, to a one step using an iron-based catalyst to do this.
The advanced process reduces 50% of the capital cost and produces fewer byproducts, according to the company.
“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,” said United Airlines Ventures President Michael Leskinen.
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