XFuel announces new funding to accelerate commercial-scale low-carbon fuel production

XFuel has announced the successful completion of its Series A funding round earlier last year, raising $20 million (€16.6 million) in equity, including a recently closed extension.
The round brings on board new investors Wagner Carbon, Audacy, Future Planet Capital, Light Ray Ventures, Overlap Holdings, as well as two major strategic investors Nippon Yusen Kabushiki Kaisha (NYK Line) and Stolt Ventures, the corporate venture capital investment vehicle from Stolt-Nielsen, both global leaders in maritime logistics and transport.
The strategic investment from NYK Line and Stolt Ventures strengthens XFuel’s ability to scale and deploy its technologies across global ports and shipping markets.
These new corporate partners and XFuel will explore long-term fuel offtake arrangements and assess supply-side collaboration opportunities, with the provision of MARPOL Annex I sludge and other eligible waste streams, either directly or through XFuel’s waste management partners.
Furthermore, they will explore projects, pilot programmes, and joint venture structures at strategic ports, with the objective of accelerating the commercial deployment of XFuel’s technologies and delivering affordable near-term emissions reductions across global transport networks.
One of XFuel's key technologies, Chemical Liquid Refining (CLR), is an innovative one-step process that refines a range of waste hydrocarbon liquids into ultra-clean drop-in transport fuels for the shipping and other hard-to-abate sectors.
Nicholas Ball, CEO at XFuel, said: “Closing our Series A is a defining moment for XFuel. The backing of top-tier VCs alongside global shipping leaders is a clear vote of confidence not just in our technology, but in our ability to scale it globally.
“With this capital, we’re moving decisively from innovation to impact; deploying our first commercial facilities and delivering cost-competitive, low-carbon drop-in fuels exactly when the shipping sector and other hard-to-abate industries need real solutions.”