Oxylus Energy, a developer of a novel carbon utilization technology for the production of e-fuels, announced the closing of its $4.5 million Series Seed investment, which was co-led by Toyota Ventures and Azolla Ventures and participated in by Earth Foundry and Connecticut Innovations.
Oxylus’ solutions are the first low-temperature and low-pressure conversion of carbon dioxide to green methanol, a liquid fuel. And this is enabled by commercializing the first-ever catalyst developed at Yale University by Professor Hailiang Wang for direct electrochemical conversion of carbon dioxide to methanol.
Building reactors that are similar to green hydrogen electrolyzers, Oxylus creates methanol using only captured carbon dioxide, water and electricity. Built to operate in modular conditions, this approach is a lower-cost technology for carbon conversion into alternative fuels. This funding will accelerate Oxylus’ technology development, prototype testing and pilot deployment.
Oxylus Energy’s methanol could replace drop-in fuel or be upgraded to jet fuel and other green petrochemicals. By uniquely combining carbon conversion and alternative fuel production, this approach can reduce energy expenditures and cut fuel production costs.
KEY QUOTES:
“Direct electrochemical conversion of carbon dioxide at low temperatures and pressures is the only way to decrease the cost of green methanol.”
– Conor Rooney, Co-Founder and CTO of Oxylus
“Without decreasing the price of methanol it will be difficult to decarbonize the hard-to-abate sectors of aviation, shipping, and petrochemicals that are currently responsible for 11% of global emissions.”
– Harrison Meyer, Co-Founder and COO of Oxylus
“This is why Oxylus’ technology is critical—it can meet the growing market demand for methanol in the net-zero transition at a price that actually works for industry.”
– Co-Founder and CEO Perry Bakas while citing that current green methanol production is expected to substantially rise
“We are thrilled to support the team at Oxylus Energy as they work to scale this cost-effective process for e-fuel production. Eliminating the need for hydrogen as an input is a significant innovation in the green energy space that has the potential to dramatically reduce production costs and unlock numerous decarbonization pathways.”
– Lisa Coca, Climate Fund partner, Toyota Ventures
“While green methanol provides a pathway to decarbonize hard-to-abate sectors like shipping, maritime and aviation, price premiums and limited supply restrict feasibility of adoption. Oxylus Energy’s modular single-step CO2 electrolyzer, however, is highly efficient, reduces cost, and can be easily stacked to scale green methanol production. Oxylus Energy’s technical progress combined with the novel catalyst, complementary team and ability to target multiple market applications, makes it an optimal investment for Azolla. We are incredibly excited to partner with Oxylus Energy on the next phase of their journey.”
– Amy Duffuor, General Partner at Azolla Ventures
