RCS - IP Group PLC - Portfolio co OXCCU completes £20.75m funding round

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RNS Number : 0937B  IP Group PLC  29 September 2025

 FOR RELEASE ON  29 September 2025

 

Portfolio company OXCCU raises £20.75m in Series B funding to scale
sustainable aviation fuel from waste carbon

·    Series B investors include IAGi Ventures (the dedicated corporate
venturing arm of the International Airlines Group), Safran Corporate Ventures,
and Orlen VC alongside re-investment from world-class Series A participants.

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in
breakthrough science and innovation companies with the potential to create a
better future for all, is pleased to note that portfolio company OXCCU
("OXCCU" or "the Company") has completed an oversubscribed funding round
totalling £20.75m.

 

The funding will enable OXCCU, an Oxford University spin-out developing a
one-step process to convert waste carbon into sustainable aviation fuel (SAF),
to accelerate its commercialisation efforts, expand its operations, and
advance its next phase of technology scale-up.

 

Alongside continued support from IP Group, the round includes new investors
Orlen VC, Safran Corporate Ventures, International Airlines Group (IAG),
Hostplus, and TCVC, as well as existing backers Clean Energy Ventures, Aramco
Ventures, Eni Next, Braavos Capital, and the University of Oxford.

 

IP Group committed £2m to the funding round from its balance sheet and £2m
from its Hostplus managed funds*. Following completion, IP Group plc has an
undiluted beneficial holding of 15.2% in OXCCU, with a further 3.6% held via
its managed funds.

*Includes funds managed/advised on behalf of Hostplus.

The full announcement follows:

OXCCU Raises $28m in Series B Funding to Scale Sustainable Aviation Fuel from
Waste Carbon

●    Backed by global leaders in aviation, energy, and climate investing,
OXCCU strengthens its position as a critical player in the global push for
commercially viable sustainable aviation fuel (SAF).

●    Series B investors include IAGi Ventures (the dedicated corporate
venturing arm of the International Airlines Group), Safran Corporate Ventures,
and Orlen VC alongside re-investment from world-class Series A participants.

 

OXFORD, England, September 29th 9 AM BST - OXCCU, the Oxford University
spin-out developing a one-step process to convert waste carbon into SAF, has
raised £20.75 million ($28 million) in an oversubscribed Series B funding
round. The round includes new investors Orlen VC, Safran Corporate Ventures,
International Airlines Group (IAG), Hostplus, and TCVC, alongside continued
support from existing backers Clean Energy Ventures, IP Group, Aramco
Ventures, Eni Next, Braavos Capital, and the University of Oxford.

This new capital will enable OXCCU to accelerate its commercialisation
efforts, expand its operations, and advance its next phase of technology
scale-up. It builds on the launch of the company's OX1 demonstration plant at
London Oxford Airport in 2024
(https://www.oxccu.com/press-releases/oxccu-celebrates-opening-of-ox1-plant-a-world-first-sustainable-aviation-fuel-production-facility-at-oxford-airport)
. Their second demonstration plant, OX2, is underway and will be fully
operational in 2026.

The announcement comes at a time of growing regulatory momentum and market
demand for sustainable fuels. However, despite mandates such as the UK SAF
mandate and ReFuelEU, high production costs remain a major barrier to
widespread adoption.

"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."

The funding reflects increasing recognition that driving down SAF production
costs is critical to unlocking aviation decarbonisation at scale. OXCCU's
process simplifies SAF production pathways by eliminating the need for reverse
water gas shift or e-methanol steps. Instead, its patented iron-based catalyst
enables the direct synthesis of jet-fuel-range hydrocarbons from gaseous waste
carbon in a single exothermic reaction. This reduces capital and operating
costs, and reduces the carbon intensity of the fuel.

The catalyst's ability to operate with a wide range of carbon dioxide, carbon
monoxide and hydrogen input gas compositions gives it the flexibility to
efficiently convert different feedstocks such as reformed biogas, gasified
wood waste, and pure carbon dioxide with hydrogen.

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."

Ireneusz Fąfara, President of the Management Board of ORLEN, said: "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 commercialization will
strengthen our market competitiveness and support our pursuit of carbon
neutrality."

Nathalie Stubler, Safran Chief Sustainability Officer comments: "At Safran, we
are committed to advancing the decarbonization of aviation. In addition to the
development of new technologies in our own products such as engines and
aircraft equipment, we are also supporting the de-risking and industrial
scale-up of the most promising sustainable aviation fuel technologies."

Daniel Goldman, Managing Partner and Co-founder of 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. That rapid progress is reshaping the sustainable aviation fuel
market, unlocking the affordability aviation needs to decarbonize. With the
extraordinary leadership team and support of its strategic investors, we are
confident OXCCU will lead the decarbonization of fuels and chemicals in the
coming years."

Dr Robert Trezona, Partner, Cleantech at IP Group, said: "This round is a
significant milestone, not just for the Company, but for the sector -
significant capital being put to work from established industry actors on a
credible path to fully decarbonise aviation. OXCCU showcases the UK's ability
to lead in climate innovation, turning world-class science into global
solutions, while generating jobs and lasting impact. We're proud to continue
to support the company as it scales its compelling single-step technology."

 

OXCCU's solution meets both environmental and commercial demands, with
applications that extend beyond aviation into chemicals and plastics.

"This is a critical time for climate tech, 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."

For more information, please contact:

 

 IP Group plc                       www.ipgroupplc.com
 Liz Vaughan-Adams, Communications  +44 (0) 20 7444 0062/+44 (0) 7967 312125
 Portland
 Alex Donaldson                     +44 (0) 7516 729702

 

Notes for editors

 

About IP Group

 

IP Group accelerates the impact of science for a better future. As the most
active UK based, early stage science investor, we develop and support some of
the world's most exciting businesses in deeptech, life sciences and cleantech.
Through Parkwalk, the UK's largest growth EIS fund manager, we also back
world-changing innovation emerging in leading universities and research
institutions. Our specialist investment team combines sector expertise with an
international approach. Together we have a strong track record of success,
having backed high-profile companies including Oxford Nanopore Technologies
plc, Featurespace, First Light Fusion, Hysata, and Oxa. IP Group is listed on
the Main Market of the London Stock Exchange under the code IPO. For more
information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

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