Aether Fuels’ $30.4 Million Raise: A Desperate Attempt to Fund a Failing Dream
In a last-ditch effort to prop up its flailing business, Aether Fuels has secured a paltry $30.4 million of a $34.3 million round, according to an SEC filing. The e-fuels startup is desperately trying to produce fuel for aviation and maritime shipping using carbon dioxide and other waste carbon streams, but its technology is nothing short of a joke.
The company’s spokesperson refused to comment on the matter, likely because they’re too embarrassed to talk about the company’s lack of progress. Aether Fuels was spun out of Xora Innovation, a deep-tech incubator run by Temasek, but it’s clear that the incubator’s guidance has been ineffective.
The startup’s technology is a mystery, but a patent application filed in January suggests that it’s trying to convert carbon dioxide to fuels using natural gas. Because, of course, that’s the most efficient and environmentally friendly way to do it. The process involves gasifying solid waste, blending it with natural gas, and then transforming the mix into a liquid fuel, with any waste carbon dioxide captured along the way. Yeah, because that’s not going to create more pollution.
Aether Fuels has also announced a deal with GTI Energy, a natural gas nonprofit, to access its gas-to-liquid program. Because what’s more sustainable than relying on natural gas? Airlines and maritime shipping companies are desperate to decarbonize their industries, but Aether Fuels’ e-fuels are a joke. The amount of sustainable aviation fuel (SAF) produced today is less than 0.1% of total use, and e-fuels are even more of a nascent industry. Aether Fuels is just trying to cling to the coattails of the SAF industry, but it’s clear that it’s not going to succeed.
Author: Kayitsi.com
