Oxford-based OXCCU raises £20.9m from IAGiVentures and Orlen VC
At a glance
This article covers a Series B funding round on 29 September 2025 for OXCCU, an Oxford University spin-out developing a one-step process to convert waste carbon into sustainable aviation fuel, founded by Andrew Symes and Jane Jin. It raised £20.89m with lead investor IAGiVentures and Safran Corporate Ventures as another key backer.
What does OXCCU do?
OXCCU offers a one-step process using an iron catalyst that converts waste carbon and hydrogen into sustainable aviation fuel. Its primary use is to make aircraft fuel from converted waste carbon and hydrogen.
Why is OXCCU useful?
Problem
Aviation faces high production costs and complex multi-step processes for sustainable aviation fuel, limiting wider adoption. These costs and complexity block affordable, scalable fuel supply needed to cut sector emissions.
Solution
OXCCU explains that it converts waste carbon and hydrogen into jet-fuel-range hydrocarbons in a single exothermic step. Their patented iron catalyst removes extra processing steps, lowering capital and operating costs and reducing carbon intensity.
How much did OXCCU raise?
OXCCU raised £20.9m ($28m) in a Series B round, backed by IAGiVentures and Safran Corporate Ventures alongside existing backers. This makes it the 16th largest funding round in September 2025 (56 recorded). The deal is also 88th among UK investments this year (463 recorded) in the Startupmag database, as of 29 September 2025.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in OXCCU?
Key investors in the round include the following:
- Orlen VC: The corporate venture arm of ORLEN that focuses on investments in energy transition, renewable fuels and industrial technologies in Europe.
- Safran Corporate Ventures: The corporate venture arm of Safran investing in aerospace technologies and solutions that support aviation decarbonisation.
- International Airlines Group (IAG): A multinational airline group investing strategically in partnerships and technologies to increase sustainable aviation fuel supply and decarbonise aviation.
- IAGiVentures: The dedicated corporate venturing arm of International Airlines Group that invests in aviation, mobility and related technologies.
- Hostplus: An Australian superannuation fund that invests in long-term assets including infrastructure and sustainable energy.
- TCVC: A venture capital firm that invests in climate and clean energy technology companies.
- Clean Energy Ventures: A venture capital firm investing in early-stage clean energy and climate technologies.
- IP Group: A technology commercialisation investor that backs university spin-outs and deep‑tech companies.
- Aramco Ventures: The corporate venture arm of Saudi Aramco investing in energy, industrial innovation and low‑carbon technologies.
- Eni Next: The corporate venture and open innovation arm of Eni focusing on energy transition and low‑carbon technologies.
- Braavos Capital: A venture capital firm investing in early-stage climate and industrial innovations.
- University of Oxford: The university that supports spin-outs and the commercialisation of research through direct investment and venture creation.
In the funding announcement, Daniel Goldman from 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.
The investor said this rapid progress is reshaping the sustainable aviation fuel market and improving affordability for aviation, and that, with its leadership team and strategic investors, OXCCU could drive the decarbonisation of fuels and chemicals.
If you're researching potential backers in this space:
- Explore our list of Greentech venture capital firms in the UK
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Who founded OXCCU?
The founders of OXCCU are Andrew Symes and Jane Jin.
In the funding announcement, Andrew Symes, CEO of OXCCU said:
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.
Where is OXCCU based?
OXCCU is based in Oxford, UK.
What sector is OXCCU in?
OXCCU operates in the greentech sector. Greentech develops technologies that reduce environmental harm and lower greenhouse gas emissions.
Key trends and challenges in sustainable aviation fuel sector:
Growing regulatory mandates and airline demand
Governments and airlines push higher SAF use with mandates like ReFuelEU and the UK SAF mandate.
High production costs and scaling hurdles
SAF production remains significantly more expensive than fossil jet fuel, limiting widespread adoption today.
Feedstock, hydrogen and sustainability rules
Feedstock variability and scarce green hydrogen complicate production, while sustainability rules control eligible inputs.
For a deeper look at innovation in this space, see the latest funded Greentech startups in the UK
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