Founder of the Week: Conor Madigan

• Conor Madigan previously founded Kateeva, a company spun out of his PhD research at MIT that developed OLED manufacturing equipment now used in most smartphones worldwide by customers such as Samsung and Apple.
• In 2020 he co-founded Aether Fuels to address the urgent challenge of decarbonising aviation and shipping by developing scalable, drop-in sustainable fuels using breakthrough technology licensed from GTI Energy.
• Since founding Aether in 2022, he has raised $40 million, secured long-term focused investors and positioned the company for global growth in a capital-intensive and policy-driven sector.
• He defines success by measurable climate impact, aiming for Aether to abate millions of tonnes of CO2 annually while creating a financially strong and scalable global business.

 

 

 

Tell Me About Yourself and Aether Fuels

 

I began my career founding Kateeva, a company spun out of my PhD work at MIT. Kateeva develops critical manufacturing equipment used in most OLED smartphone screens today. There, I learned to scale complex physical tech from the lab to industry, serving customers like Samsung and Apple.

In 2020, I set out to build a climate tech company, partnering with Phil Inagaki from the venture fund Xora Innovation to address the need for sustainable, drop-in fuels for aviation and shipping (drop-in fuels function like conventional fuels and can be used in existing fleets). After finding breakthrough innovations from the Chicago research institute, GTI Energy, we licensed the tech and created Aether Fuels to bring to market the most cost-effective platform for producing sustainable fuels at an industrial scale.

 

What Inspired You To Start Aether Fuels? What Problem Were You Trying To Solve?

 

I set out to build a company to help address climate change, drawing on my experience at Kateeva to focus on industries needing large-scale, physical solutions. Sustainable fuels stood out after reading the 2020 WEF & McKinsey Clean Skies for Tomorrow report, which compellingly argued that aviation is a major emissions source that can only mitigated through a massive investment in the production of drop-in sustainable fuels.

Current sustainable fuel tech uses the “HEFA” process to convert waste fats (like used cooking oil) which isn’t scalable (due to limited availability of such ingredients), so entirely new technology approaches are needed that can convert more abundant sources of waste carbon. We also found that ocean shipping faces a similar need. This led us to found Aether Fuels to build a business that captures this unique projected opportunity: soaring future demand for sustainable fuels and a lack of economical and scalable tech solutions.

 

 

What Has Been Your Biggest Challenge So Far? How Did You Overcome It?

 

Sustainable fuels is a capital-intensive industry with long-term horizons. Production facilities can cost hundreds of millions, and take years to build. The sector is also heavily influenced by shifting global climate policies. To succeed, companies must secure patient, experienced investors, and adopt a flexible, global strategy that can withstand regional policy changes.

Since our founding in 2022, we’ve raised $40m, and brought on some of the industry’s most experienced, knowledgeable and long-term focused investors. Our global-first approach has enabled us to navigate evolving policies across countries and regions, while remaining focused on delivering scalable, sustainable fuel solutions.

 

Can You Describe A Pivotal Moment That Significantly Shaped the Direction of Aether Fuels?

 

Discovering breakthrough technology at GTI Energy was a pivotal moment for Aether, and significantly accelerated our progress. Early on, we faced uncertainty – there was no guarantee that we’d find technology that aligned with our business thesis, and we were prepared to pivot if needed.

Fortunately, we found exactly the right fit. We partnered with GTI Energy to enable rapid technology transfer, and established an independent R&D lab on their campus. This collaboration gave us the infrastructure and momentum to launch Aurora, and positioned Aether to quickly emerge as a leading player in the sustainable fuels industry.

 

How Do You Define Success? 

 

For Your Business:  For us as a business, success means building a healthy company that scales up sustainable fuel production fast, and thereby abates large amounts of CO2. This is one of the most urgent sustainability challenges out there – and there is no time to waste. More specifically, our medium and long term goals are:

Medium Term:

• Bringing online 100K mt/yr of sustainable fuel production
• Generating 300K+ mt/yr of CO2 abatement
• Achieving cash flow-positive company operations

 

Long Term:

• Bringing on-line 1000K mt/yr of sustainable fuel production
• Generating 3M mt/yr of CO2 abatement
• Achieving a high-value liquidity event for shareholders, whether by IPO or acquisition, that further accelerates the adoption of sustainable fuels

 

As a Founder: My goals are linked with those of the company – I want to see this business succeed because if we do, it means we’re abating millions of tons of CO2 and helping vital sectors meet their climate goals. So I’d define success as: (a) building the industry’s best sustainable fuels technology and business (that’s ambitious, but the scale of the climate challenge requires ambition); (b) catalysing aggregate 10M mt of CO2 abatement; and (c) at the right time delivering (as noted above) that high value liquidity event for shareholders, whether via IPO or acquisition.

 

What Advice Would You Give To Someone Thinking About Launching Their Own Startup?

 

Start by solving an intensely felt, structural problem for your customers – and build a world-class team to take it on. Too often, start-ups focus on the technology first, rather than the problem or the people. While strong tech helps, it’s not everything. With the right problem and the right team, even weak tech can be improved quickly.

But even the best technology won’t save a startup if the problem isn’t worth solving or the team isn’t up to the task. Focus on what matters most: the problem and the people tackling it.

 

What’s Next For Aether Fuels? Any Exciting Developments We Should Watch Out For?

 

Our core Aether Aurora solution is built on two key technologies: Tri-Conversion (which transforms input gases into syngas (a mix of carbon monoxide and hydrogen used to produce liquid fuels), and Upgrading, which refines the output into high-quality, commercially viable fuels. We first demonstrated both technologies in an integrated pilot line in 2021. In March 2025, we achieved a 50X scale-up of Tri-Conversion – a major milestone towards commercialisation.

Later this year, we’ll launch a fully integrated line, producing more than 1 barrel per day, paving the way for our first commercial plant to produce 50 barrels per day daily, by 2028.

Aether Aurora is trademarked by Aether Fuels.
 

 

 

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