Oxylus Energy plans to develop and operate its own methanol production plants in the future.

Oxylus Energy kicks off its first capital raise in January 2024, seeking to raise $4m in seed funding, with proceeds funding the advancement of a production-scale CO2-to-methanol electrolyzer cell and its first commercial agreements for offtake.

Oxylus aims to commercialize an electrolyzer that creates methanol from CO2 at room temperature and pressure.

The seed capital raise would provide approximately 26 months of runway, according to Bakas. The company would then raise between $20 – $30m in a follow-on Series A in late 2026.