Startup Metafuels raises $9 million round to industrialize eSAF production

Sustainable aviation fuel (SAF) startup Metafuels announced Jan. 15 its latest, oversubscribed $9 million round led by Celsius Industries.  

Other new investors are RockCreek, Fortescue Ventures and Verve Ventures with existing investors Energy Impact Partners and Contrarian Ventures also participating.  

Metafuels has now raised $22 million in just over two years, making it one of Europe’s best-funded SAF startups. 

The round follows several technological breakthroughs in 2023 and 2024, which the company said herald the next phase of Metafuels development cycle—moving from lab research to demonstration and production scale-up.  

Additionally, Metafuels, alongside the PSI Institute, has recently secured a $5 million grant from the Swiss government’s Federal Office of Energy.  

In May 2024, Metafuels announced that it has signed an agreement with European Energy to set up an eSAF facility in Denmark.  

The facility will produce approximately 12,000 liters (3,170 gallons) of eSAF daily.  

The project-development phase is underway, with Metafuels already engaged in early offtake conversations, including through a potential buyers’ alliance with airlines, fuel suppliers, airports and corporate travelers. 

“The buyers alliance is something that we’re actively considering in support of our plans for eSAF capacity build-out as we scale-up and industrialize our technology,” said Metafuels Chairman Leigh Hackett. “By coming alongside us, participants will have privileged insights into technology developments, play an important role in bringing this much-needed technology to market, all while securing increasing volumes of eSAF to meet their decarbonization obligations.” 

Like other SAF players, Metafuels focuses on the production of sustainable aviation fuel made using renewable electricity as the primary energy source (eSAF).  

According to Metafuels, however, its differentiation is cost leadership through the ability to convert its feedstock (eMethanol) into eSAF with a significantly higher yield, ensuring a more efficient and cost-effective process.  

Metafuels’ signature eSAF, aerobrew, can replace conventional kerosene regardless of the size, type of aircraft, and short-haul or long-haul. 

“We are thrilled to have Celsius, RockCreek, Fortescue and Verve onboard as new strategic partners,” said Saurabh Kapoor, the CEO and co-founder of Metafuels. “We have now raised $22 million since launching, which is going to allow us to complete the demonstration program and focus on industrialization and the commercial rollout for our eSAF offering. We will be looking at implementing a number of new sustainable aviation fuel production sites and are already engaging with various stakeholders as potential investors or eSAF offtakers.” 

Michele Tarawneh, the managing partner at Celsius Industries, said, “We have been tracking methanol-to-SAF as a key pathway to decarbonize aviation for the past 18 months, and Metafuels stands out as the most compelling player in the space—an experienced team, with a unique technology insight, and a tangible path to establish production capacity in the near term. We are thrilled to work with Saurabh, Leigh and the team, to help them accelerate their path to industrialization and first-of-a-kind project finance, enabling the roll-out of mission critical infrastructure for green fuels.”