This startup wants to raise over $30 million for its innovative e-fuel initiative

By Jurassic JennJun 29, 2024 14:01 PMTech
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Aether Fuels
Aether Fuels. Source: techcrunch.com

A filing with the Securities and Exchange Commission reveals that e-fuels startup Aether Fuels is in the process of raising $34.3 million, with $30.4 million already secured. The company aims to produce fuel for aviation and maritime shipping by utilizing carbon dioxide and other waste carbon streams. This new round of funding will significantly boost Aether Fuels' financial resources, after having previously raised $8.5 million through convertible notes in late 2023. This is prepared by SSP.

Originally established within the framework of Xora Innovation, an early-stage deep-tech incubator managed by Temasek, Aether Fuels operates independently now. However, the company spokesperson could not be reached for comment at the time of writing.

In their pursuit to refine their technology, Aether Fuels has been primarily focusing on converting carbon dioxide into fuels. The startup claims that its innovative approach allows for effectively utilizing carbon from various waste streams, including industrial pollution, methane emitted from landfills, and agricultural remnants.

The specifics of Aether Fuels' carbon conversion process remain undisclosed, although a patent application filed by the company in January suggests the exploration of potential strategies involving natural gas. According to this particular method, solid waste is gasified, combined with natural gas, and subsequently transformed into a liquid fuel, while capturing any waste carbon dioxide incurred throughout the procedure.

A notable development for the company occurred in February when Aether Fuels announced an agreement granting access to a gas-to-liquid initiative initiated by GTI Energy, a nonprofit organization specializing in natural gas.

Bio-derived sustainable aviation fuel (SAF) and e-fuels have caught the attention of airlines and maritime shipping companies aiming to reduce carbon emissions in their energy-intensive sectors. Nevertheless, progress in these areas has been gradual. The production of SAF currently constitutes less than 0.1% of total usage, despite being a relatively more mature industry than e-fuels.

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