Sustainable energy company XFuel on Wednesday (13 July) said it has secured EUR 8.2 million (USD 8.22 million) in its latest round of investment for the commercialisation of its synthetic diesel, marine and jet fuel technology.
XFuel’s patented technology efficiently converts biomass waste into low-cost, drop-in fuel that can be used in road, marine, and aviation applications. It uses feedstock from sustainable waste sources in manufacturing, construction, forestry, and agriculture.
The fuel complies with marine and road fossil fuel specifications, and can therefore be used in existing infrastructure and engines, either blended with conventional fuels or as a replacement.
Using modular and scalable biorefineries, XFuel can produce high-grade fuels at a comparable or lower price point to fossil-based fuels on the market.
Independent assessments have shown that XFuel’s technology can currently deliver fuel with GHG savings of 85%, with potential to deliver carbon-neutral and negative fuels in the future. The technology enables cost-efficient and transformative carbon emissions reductions today without requiring significant capital investment.
Investors in the oversubscribed financing round include Germany’s AENU led by Ferry Heilemann, New York-based Union Square Ventures (USV), and HAX/SOSV, alongside other backers. The investment will drive the commercialisation of XFuel’s technology and assist in deploying a pipeline of global projects across road, maritime, and aviation.
Nicholas Ball, CEO of XFuel, said: “There is a clear global consensus to decarbonise, but our dependency on liquid fuels isn’t ending soon enough. For us to reach carbon neutrality and make an impact today, we need liquid fuel replacements that are net-zero, sustainable, drop-in and cost-effective.”
“Our mission is to decarbonise the transportation industry and meet this urgent need, and this is why we are thrilled to have received such a vote of confidence from our investors.”
“Our low carbon drop-in fuels and low-cost, modular biorefining technologies will play a major role in global decarbonisation, across the automotive and haulage sectors as well as in hard-to-decarbonise industries like shipping and aviation. This investment will allow us to set the foundations for the commercialisation of our company and the rapid scaling of our technology.”
Ferry Heilemann, Founder and Partner at AENU, said: “The climate crisis demands a scalable response. XFuel’s sustainable biofuels meet this need, particularly in hard-to-abate sectors by using waste feedstock, leveraging existing infrastructure, and adopting a modular approach to production that enables rapid scale up.”
“With almost abundant biomass feedstock around the globe and a low cost of production, XFuel is unlocking new possibilities for all kinds of industries to decarbonise.”
Photo credit: XFuel
Published: 15 July, 2022
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