Saudi Aramco and Eni, in collaboration with United Airlines, have announced a joint investment of $22.7 million in the British start-up OXCCU. The funding aims to support OXCCU’s mission of reducing the exorbitant costs associated with lower-carbon aviation fuel. This initiative reflects the companies’ commitment to advancing sustainable aviation and combating climate change.
Aviation produces around two percent of the world’s planet-warming emissions and the sector’s own target is to emit no more than can be absorbed by natural sinks like forests or other technologies by 2050.
The investment led by U.S.-based investor Clean Energy Ventures, will go to Oxford University-affiliated scientists at OXCCU, one of several companies that have been searching for ways to replace kerosene and gasoline in plane engines.
