E-fuels startup Ather Fuels is raising $34.3 million, according to filing

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According to SEC filings, Ather Fuels has raised $30.4 million of a $34.3 million funding round.

The e-fuel startup is working on producing fuel for aviation and maritime shipping using carbon dioxide and other waste carbon streams. The fresh round will add a good amount to the company’s bank account; Ather Fuels had previously raised $8.5 million via convertible notes due in late 2023.

The startup came out of Zora Innovation, an early-stage deep-tech incubator run by Temasek. A company spokesperson did not immediately respond to a request for comment.

Since then, Ather Fuels has been working on improving its technology. The company says its technology can use carbon from a variety of wastes, including industrial pollution, methane from landfills, and plant residues from farms.

Not much is publicly known about how Ather Fuels turns carbon dioxide into fuel, though a patent application filed in January suggests the company is exploring a path that involves using natural gas. The process gasifies solid waste, mixes it with natural gas and then turns the mixture into liquid fuel (any waste carbon dioxide is captured in the process).

In February, it announced a deal that gave it access to a gas-to-liquids program launched by GTI Energy, a natural gas nonprofit.

Airlines and maritime shipping companies are using bio-derived sustainable aviation fuel (SAF) and e-fuel as a way to decarbonise their energy-intensive industries. However, these efforts are nascent at best. For example, the amount of SAF produced today is only less than 0.1% of total use, and SAF is a much more mature industry than e-fuel.

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