Aramco Ventures supports British SAF production startup: Oil giant Saudi Aramco’s venture subsidiary Aramco Ventures is participating in the latest financing round by British sustainable fuels startup OXCCU led by Clean Energy Ventures, according to a company statement (pdf) published yesterday. OXCCU raised USD 22 mn to accelerate its efforts to commercialize its method of converting hydrogen and CO2 into sustainable aviation fuel (SAF) and other green fuels, the statement said. Aramco’s share of the total investment secured by OXCCU was not disclosed.

Who were the other investors? The financing round saw participation from first-time investors including Italian oil company Eni’s venture arm Eni Next, United Airlines Ventures Sustainable Flight Fund, and Braavos. Existing investors Kiko Ventures and the University of Oxford contributed to this round, as well as Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures.

A one-stop-shop for SAF production: The startup’s Oxefuel is made directly from electrified CO2 through a one-step process that creates a circular economy for aviation fuel, according to the company website. The startup does this through a “novel, robust iron-based catalyst and process” that can convert CO2 and green H2 from water into fuels. The new technology can reduce SAF costs by cutting capital costs by 50% while producing fewer byproducts, the statement said.