Oxylus Energy Raises $4.5 Million Seed Round for Clean Fuel Technology
Summary
According to Harrison Meyer, Co-Founder and COO 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." "We are thrilled to support the team at Oxylus Energy as they work to scale this cost-effective process for e-fuel production," said Lisa Coca, Climate Fund partner, Toyota Ventures. "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." Oxylus Energys modular single-step CO2 electrolyzer, however, is highly efficient, reduces cost, and can be easily stacked to scale green methanol production," said Amy Duffuor, General Partner at Azolla Ventures. "Oxylus Energys technical progress combined with the novel catalyst, complementary team and ability to target multiple market applications, makes it an optimal investment for Azolla.