Branson fund puts money into biofuels
UK entrepreneur Richard Branson has raised £150 million (€174 million) through private equity to invest in renewable energy.
A significant proportion of this money will be invested in biofuels, notably isobutanol, which Branson intends to use as aircraft fuel.
The Virgin Green Fund is one of the few private equity ventures to raise its target amount this year. Branson has invested £70 million of his own money, while the rest has come from a panel of institutional investors.
He is now fundraising to increase the size of the pot further. He aims to have raised £240 million by the time fundraising closes in two months.
Branson has long been seeking a renewable alternative to aircraft fuel. His initial attempt to produce biodiesel from coconuts was aborted when it became clear that there were insufficient coconuts in the world to satisfy his requirements. He gave up on his next idea when he realised that ethanol freezes at 15,000 feet.
Now, he thinks he has solved the problem: ‘Isobutanol is wonderful’, he says, ‘it doesn’t absorb water, so you can make it from anything. Sugar is good. What if all the sugar now turned into soft drinks were, instead, turned into clean fuel?’
Among other projects, the Virgin Green Fund has also put money into biomass and funded £15m in prize money for the Virgin Earth Challenge, a fund which aims to find commercially viable green technologies.
A significant proportion of this money will be invested in biofuels, notably isobutanol, which Branson intends to use as aircraft fuel.
The Virgin Green Fund is one of the few private equity ventures to raise its target amount this year. Branson has invested £70 million of his own money, while the rest has come from a panel of institutional investors.
He is now fundraising to increase the size of the pot further. He aims to have raised £240 million by the time fundraising closes in two months.
Branson has long been seeking a renewable alternative to aircraft fuel. His initial attempt to produce biodiesel from coconuts was aborted when it became clear that there were insufficient coconuts in the world to satisfy his requirements. He gave up on his next idea when he realised that ethanol freezes at 15,000 feet.
Now, he thinks he has solved the problem: ‘Isobutanol is wonderful’, he says, ‘it doesn’t absorb water, so you can make it from anything. Sugar is good. What if all the sugar now turned into soft drinks were, instead, turned into clean fuel?’
Among other projects, the Virgin Green Fund has also put money into biomass and funded £15m in prize money for the Virgin Earth Challenge, a fund which aims to find commercially viable green technologies.
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