The market for sustainable aviation fuel (eSAF) is predicted to grow from €2 billion in 2030 to over €60 billion by 2050. Finnish company Liquid Sun aims to be at the forefront of this exploding market growth.
Finnish technology company Liquid Sun has secured nearly 4€ million in funding, which will drive the company to initiate Finland's first eSAF production testing facility. A year ago, in an early 2023 funding round, the company raised €1 million.
– Securing significant funding and oversubscribing the investment round in such a challenging market situation demonstrates that Liquid Sun has proven in a very short time to be a serious player in the e-fuel market. Now, the real work begins as we start scaling up the production of eSAF to an industrial scale, and through that, help drive Finland towards its emission reduction goals and a cleaner future, says Samuel Thesleff, Chairman of Liquid Sun's board.
Liquid Sun has secured Voima Ventures, a venture capital firm focusing on clean technology, as its lead investor. Voima's portfolio includes companies like Solar Foods Plc, which produces protein using carbon dioxide captured from the air, hydrogen, and electricity; Enifer Oy, which recycles agricultural by-products; and the Swedish company Cellfion AB, which develops hydrogen, battery, and ion separation technologies. Also playing a key role as a co-lead investor is Failup Ventures, a Finnish-American venture capital firm, and Business Finland.
Finland to take the lead in eSAF production
By 2050, 70 percent of aviation fuel used at EU airports must be sustainably produced, i.e., SAF, and 50 percent of this must be synthetically produced sustainable aviation fuel, eSAF, made possible by Liquid Sun's low-temperature electrolyzer. Blending mandates will ensure that every drop of eSAF available on the market will be used. In this scenario, where demand outstrips supply, Liquid Sun is well-positioned.
In spring 2024, the company announced it would be process-testing the industrial production capability of eSAF. Following a successful pilot and funding round, the next major step is implementing Finland's first pre-commercial demonstration plant in a 66-square-meter shipping container. This upcoming demo facility will take the technology to an entirely new level and lay the foundation for large-scale eSAF production.
An unexpected competitive advantage comes from Finland's northern location: the vast biogenic CO2 resources from the Finnish forest industry provide an ideal foundation for developing and building the eSAF ecosystem. Liquid Sun intends to make Finland a leader in eSAF production.
– The Nordic region is uniquely positioned to take a leading role in eSAF production. There is an abundant renewable energy supply, supportive industry efforts, and strong government backing. At Voima Ventures, we are proud to support the journey toward cleaner skies, and we firmly believe in Liquid Sun's ability to open an entirely new market for more sustainable aviation, summarizes Pontus Stråhlman, Partner at Voima Ventures.
– We’re excited to invest in Liquid Sun because they’re tackling one of the toughest problems out there: creating sustainable fuels for a cleaner future. Their technology to turn CO₂ and water into renewable e-fuels isn’t just innovative—it’s the kind of ambitious, high-impact idea that could transform industries and make a real difference for the planet. This is exactly the type of work we love to support, says Topias Soininen, GP at Failup Ventures.