XFuel lands €8.2m investment for low-carbon marine fuel
XFuel has secured €8.2 million in its latest round of investment. This, the company says, lays the foundation for the commercialisation of its next-generation synthetic diesel, marine and jet fuel technology.
XFuel says its 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. Its fuels comply 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 says it can produce high-grade fuels at a comparable or lower price point to fossil-based fuels on the market. The firm reports that independent assessments show that XFuel’s technology can currently deliver fuel with GHG savings of 85 per cent, with the potential to deliver carbon-neutral and negative fuels in the future. The technology enables cost-efficient and transformative carbon emissions reductions without requiring significant capital investment.
“There is a clear global consensus to decarbonise, but our dependency on liquid fuels isn’t ending soon enough,” says Nicholas Ball, CEO of XFuel (pictured below). “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.”
The investment will drive the commercialisation of XFuel’s technology and assist in deploying a pipeline of global projects. Feedstock for four projects has been secured through a deal with a leading waste wood consolidator operating in the UK and Ireland.
The investors included Germany’s AENU (led by Ferry Heilemann), New York-based Union Square Ventures (USV), and HAX/SOSV, alongside other backers.
Heilemann says: “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.”
Yesterday (13 July 22), AkzoNobel announced a €20 million investment to increase and improve production at two of its sites in France.
