Liquid Sun recently secured nearly euro 4 million in funding to advance its efforts in producing eSAF, marking a significant milestone for Finland's first eSAF production testing facility. This follows an earlier funding round in early 2023, which raised euro 1 million.
"Securing significant funding and oversubscribing the investment round in such a challenging market situation demonstrates that Liquid Sun has proven in a very short time to be a serious player in the e-fuel market. Now, the real work begins as we start scaling up the production of eSAF to an industrial scale, and through that, help drive Finland towards its emission reduction goals and a cleaner future," said Samuel Thesleff, Chairman of Liquid Sun's board.
Key investors include Voima Ventures, a clean-tech-focused venture capital firm whose portfolio features innovative companies such as Solar Foods Plc and Cellfion AB. Failup Ventures, a Finnish-American firm, and Business Finland also played crucial roles as co-lead investors.
Finland's Strategic Role in eSAF Development
By 2050, EU regulations will require 70% of aviation fuel used at EU airports to be sustainable, with 50% produced synthetically as eSAF. Liquid Sun's innovative low-temperature electrolyzer technology positions the company to meet this demand. Blending mandates are expected to ensure that every available liter of eSAF will find use, creating immense market opportunities.
Liquid Sun's next steps include establishing a pre-commercial demonstration facility in a compact, 66-square-meter shipping container. This facility, set to launch following successful process-testing announced in spring 2024, will pave the way for large-scale industrial production.
Finland's northern location provides a competitive edge, leveraging abundant biogenic CO2 from its forest industry. Combined with renewable energy resources and strong government support, Liquid Sun aims to make the Nordic region a global leader in eSAF production.
"The Nordic region is uniquely positioned to take a leading role in eSAF production. There is an abundant renewable energy supply, supportive industry efforts, and strong government backing. At Voima Ventures, we are proud to support the journey toward cleaner skies, and we firmly believe in Liquid Sun's ability to open an entirely new market for more sustainable aviation," said Pontus Strahlman, Partner at Voima Ventures.
"We're excited to invest in Liquid Sun because they're tackling one of the toughest problems out there: creating sustainable fuels for a cleaner future. Their technology to turn CO2 and water into renewable e-fuels isn't just innovative-it's the kind of ambitious, high-impact idea that could transform industries and make a real difference for the planet. This is exactly the type of work we love to support," added Topias Soininen, GP at Failup Ventures.
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