ESG Today writes that Velocys, a spin-off from the University of Oxford, produces carbon-negative fuels for aircraft from sources such as solid municipal waste and woody biomass. Carbon Direct Capital, Lightrock and GenZero are among the investors who participated in the financing round.

Kevin Bone, Partner at Lightrock, said that "we are delighted to be partnering with Velocys as it takes the next steps in its journey to becoming the leading provider of SAF solutions to the aviation industry. This critical objective requires long-term backing with the requisite experience of supporting industrial companies as they seek to realize their potential. I have no doubt that this consortium is best placed to do just that."

Sustainable aviation fuels are a renewable type of fuel made for various aircraft, which has very similar properties to usual kerosene, but with a much lower carbon footprint. Compared to its traditional counterpart, SAF has an up to 80% lower impact on the environment throughout its lifetime in the form of greenhouse gas emissions.

At the same time, SAF can also be blended with kerosene at different levels, usually ranging from 10 to 50% share. Experts at the International Civil Aviation Organization (ICAO) claim that around 360.000 commercial flights have implemented SAF in around 46 airports around the world, mostly in the US and in Europe.

Velocys officials say that the recently-raised 40 million USD will be used to accelerate the delivery of its technologies to projects from various customers, as well as to scale the production of SAF and grow the team.