Velocys raises $40m in growth capital from a consortium of investors to scale sustainable aviation fuel production.
The funding round was backed by Carbon Direct Capital, Lightrock, GenZero, and Kibo Investments following the company going private.
≈ £31.7M at $1 = £0.7920 on 12 Feb 2024
Velocys is an England based developer of sustainable aviation fuel technology. The company uses proprietary catalyst and micro channel reactor systems to process feedstocks like municipal solid waste into low carbon fuels.
Velocys has secured $40m in growth capital through a consortium including Carbon Direct Capital, Lightrock, GenZero, and Kibo Investments. The funding follows the company finalising its transition to a private entity.
The capital will be directed towards accelerating technology development, scaling production capabilities, and expanding the team of experts. Velocys operates a reactor facility in Ohio with an initial capacity to produce 12 units per year to support commercial scale biorefineries.
The investment arrives as the aviation sector faces regulatory pressure to adopt sustainable fuel alternatives, with European Union mandates requiring increasing proportions of green fuels over the coming decades.
Investor perspective
"production capacity and leadership team"
Josh Dienstag
Chief Investment Officer, Carbon Direct Capital
Use of funds
- 01Grow the team
- 02Continue product development
- 03Build out infrastructure
