The sustainable energy company will use this investment to deploy its synthetic, marine and aviation diesel fuel technology.
XFuel, an Irish company developing technology to make fuel more sustainable, has secured a multi-million euro investment in an oversubscribed funding round.
The energy company has received an €8.2 million investment from Germany’s AENU led by Ferry Heilemann, New York-based Union Square Ventures and HAX/SOSV, alongside other backers.
The investment will be used to develop the company’s first commercial-scale project for a low-cost, low-carbon fuel using patented technology.
XFuel uses raw materials from sustainable waste sources in manufacturing, construction, forestry and agriculture, and converts them into synthetic fuels that meet marine and highway fossil fuel specifications.
This means that its fuels can be used in existing infrastructure and engines, either blended with conventional fuels or as replacements.
The investment will drive the commercialization of XFuel’s technology and help deploy a pipeline of global projects in the road, marine and aerospace sectors.
According to the company, raw materials for four projects have already been secured through an agreement with a major wood waste consolidator operating in the UK and Ireland.
“Getting New Possibilities”
XFuel CEO Nicholas Ball said there is “a clear global consensus on decarbonization”, but the move away from liquid fuels is not happening fast enough.
“For us to achieve carbon neutrality and have an impact today, we need net-zero, sustainable, instant and cost-effective liquid fuel replacements,” he said.
“Our mission is to decarbonize the transportation industry and meet this urgent need, and that is why we are delighted to have received such a vote of confidence from our investors. Our low-carbon fuels and low-cost modular biorefinery technologies will play a major role in global decarbonization in the automotive and transportation sectors, as well as in hard-to-decarbonize industries like shipping and fuel. aviation.
Ferry Heilemann, founder and partner of Berlin-based venture capital firm AENU, said XFuel’s biofuels meet the need for an “evolving response” to the climate crisis.
“With nearly abundant biomass feedstock in the world and low cost of production, XFuel opens up new decarbonization opportunities for all kinds of industries.”
Disclosure: SOSV is an investor in Silicon Republic
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