XFuel, a pioneer in sustainable energy, has announced that it has raised €8.2 million in its current round of funding, setting the groundwork for the commercialization of its next-generation synthetic diesel, marine, and jet fuel technologies.

The patented method of XFuel effectively transforms biomass waste into low-cost, drop-in fuel for use in road, marine, and aviation applications. It gets its fuel from sustainable waste sources in the industrial, construction, forestry, and agricultural industries. Its fuels meet the standards for marine and road fossil fuels and may therefore be utilized in existing infrastructure and engines, either mixed with conventional fuels or as a replacement.

XFuel can create high-grade fuels at similar or lower prices than fossil-based fuels on the market by using modular and scalable biorefineries. According to independent analyses, XFuel’s technology can already produce gasoline with GHG reductions of up to 85%, with the potential to deliver carbon-neutral and negative fuels in the future. Today, the technology allows for cost-effective and dramatic reductions in carbon emissions without needing considerable capital expenditure.

Among the investors in the oversubscribed funding round are Germany’s AENU, chaired by Ferry Heilemann, New York’s Union Square Ventures (USV), and HAX/SOSV, as well as others. The funding will help XFuel commercialize its technology and launch a pipeline of worldwide projects in road, marine, and aviation. A agreement with a renowned waste wood consolidator operating in the UK and Ireland has already provided feedstock for four projects.

Nicholas Ball, CEO of XFuel, said to Ship Management International: “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.”

Source: Ship Management International

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