Many airlines and shipping companies have pledged to achieve net zero carbon emissions by 2050, but currently lack a clear plan to reach that goal.
Despite the challenges, a promising young startup called Oxylus Energy believes it holds a key solution. The company, born out of a Yale chemistry lab, is focused on refining the production of green methanol, which could play a significant role in eliminating carbon pollution across various industries.
Green methanol has the potential to decarbonize sectors like shipping, aviation, and petrochemicals, which currently account for 11% of total emissions. Unlike electric vehicles, these industries heavily rely on fossil fuels due to the limitations of battery technology and the high costs associated with switching to green hydrogen.
Oxylus Energy’s innovative approach involves using a cobalt-based catalyst to produce methanol from a chemical reaction involving water and carbon dioxide. This process, which occurs at standard room temperature and pressure, helps reduce costs significantly compared to traditional methods that rely on green hydrogen.
The company’s technology aims to make green methanol production more cost-effective, thereby enabling wider adoption by industries such as aviation, shipping, and petrochemicals. Oxylus Energy recently secured a $4.5 million seed funding round led by Toyota Ventures and Azolla Ventures, signaling confidence in its potential impact on reducing carbon emissions.
CEO Perry Bakas emphasized the importance of achieving cost parity with fossil methanol to drive widespread adoption of green methanol as a sustainable alternative. The company’s focus is on addressing the time and financial challenges involved in scaling up production to meet growing demand for environmentally friendly solutions.
