Aether Fuels has raised $30.4 million from a $34.3 million round, according to a Securities and Exchange Commission filing.
The e-fuel startup produces fuel for aviation and marine shipping using carbon dioxide and other carbon waste. The new round would give the company’s bank account a strong boost. Ether fuel It previously raised $8.5 million through convertible notes in late 2023.
The startup was created out of Xora Innovation, an early-stage deep tech incubator run by Temasek. A company spokesperson did not immediately respond to a request for comment.
Since then, Aether Fuels has been improving its technology. The company says its technology can harness carbon from a range of waste, including industrial pollution, methane from landfills and plant debris from farms.
Not much is publicly known about how fuel ether converts carbon dioxide into fuel, although a Patent application Reports filed in January indicate that the company is exploring one avenue that includes using natural gas. The process gasifies solid waste, mixes it with natural gas and then converts the mixture into liquid fuel (capturing carbon dioxide from the waste along the way).
In February, that Announce A deal that gave it access to a gas-to-liquids program started by GTI Energy, a natural gas nonprofit.
Airlines and ocean shipping companies are seeking to use bio-derived sustainable aviation fuel (SAF) and e-fuels as a way to decarbonize their energy-intensive industries. However, these efforts have been nascent at best. The amount of SAF produced today, for example, only amounts to Less than 0.1% From overall usage, SAF is a much more mature industry than e-fuel.