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Aspiring jet-fuel developer OXCCU raised nearly $23 million in a Series A joined by United Airlines Ventures, the company announced.

Why it matters: OXCCU says it can make jet fuel from carbon dioxide and hydrogen.

Details: OXCCU closed a $22.7 million Series A led by Clean Energy Ventures.

Aramco Ventures, Eni Next, Braavos Capital, Kiko Ventures, the University of Oxford, Trafigura, TechEnergy Ventures and Doral Energy-Tech Ventures participated, in addition to United's venture fund.

The all-equity round closed last month at an undisclosed valuation. CEO Andrew Symes tells Axios it's "significantly up" from the startup's last raise.

Of note: "I can’t say when we’re going to be profitable. But the point is that the business model is a proven, understood business model that is possible today," Symes says.

OXCCU had previously raised just over $2.5 million.

State of play: A slew of startups are making or aiming to make sustainable aviation fuel from farming leftovers, greases and oils.

Collecting all that material is expensive and there's only so much to go around.

OXCCU is among a small but growing number of startups aiming to make cost-competitive jet fuel from carbon dioxide and hydrogen. "We have the feasibility. The challenge has been cost," Symes says.

How it works: The London-based company says its breakthrough is an iron-based catalyst, which it says converts a two-step production process into a one-step process that can cut capital costs as much as 50%.

Between the lines: Potential savings on operating expenses are fuzzier.

Context: Air Company, a vodka-distiller-turned-fuels-maker, signed a $65 million deal with the U.S. Defense Department in February to make jet fuel from CO2.

What's next: OXCCU aspires to license its tech to producers. It's building a demonstration plant at London Oxford Airport.

United backs carbon dioxide-to-fuels maker OXCCU

The startup is the latest alternative fuels developer backed by the airline's venture arm.

Illustration of a gloved hand scrubbing an airplane contrail with a sponge

Aircraft

Aspiring jet-fuel developer OXCCU raised nearly $23 million in a Series A joined by United Airlines Ventures, the company announced.Why it matters: OXCCU says it can make jet fuel from carbon dioxide and hydrogen.

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United backs carbon dioxide-to-fuels maker OXCCU

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