Sustainable fuels technology company Aether Fuels has raised $15 million through a convertible note funding round to speed up the development of its first large-scale sustainable aviation fuel (SAF) plant in Singapore, reports ESG Today.
Founded in 2022, Aether Fuels is focused on reducing emissions from aviation and maritime transport by producing cleaner liquid fuels. The company’s Aurora technology can produce fuel from various sources that can be converted into carbon monoxide, carbon dioxide, methane or hydrogen, including captured carbon dioxide, industrial waste gases, biogas, gasified municipal waste and waste biomass.
The new funding will support Project Beacon, a planned SAF production facility with a capacity of 50 barrels per day and an annual output of about 2,000 tonnes. The plant will use industrial waste gas and biomethane to produce SAF that meets international CORSIA standards.
Engineering work on the project is already in progress. Construction is expected to begin this year, with commercial operations planned from 2028. The company estimates that the fuel produced at the facility could reduce greenhouse gas emissions by more than 70% compared to conventional jet fuel.
Founder and Chief Executive Officer Conor Madigan said the company has made steady progress over the past year in building its leadership team, advancing its technology and moving forward with its first commercial project. He said new investors have joined the company, the global team has expanded, and work on the Singapore facility has progressed alongside pilot and demonstration projects in the United States.
The funding round included new investments from Aster Ventures and Singapore-based EDBI, along with continued participation from existing investors such as AP Ventures, Xora Innovation, CDP Venture Capital, TechEnergy Ventures, Foothill Ventures, Eni Next and Chevron Technology Ventures. With this round, Aether Fuels’ total funding has exceeded $60 million.
Alongside the funding announcement, the company named several new leaders to support project delivery and regional expansion. Stu Stott has been appointed Global Vice President of Projects and will be based in Singapore to oversee commercial facilities. Mei Chia will lead a planned research and development centre in Singapore, expected to open in 2026, while TC Goh will continue to head business development activities across Southeast Asia.
