XFuel secures funding to develop next generation of biofuels
XFuel’s 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.
Investors in the oversubscribed financing round include Germany’s AENU led by Ferry Heilemann, New York-based Union Square Ventures (USV), and HAX/SOSV, alongside other backers.
The investment will drive the commercialisation of XFuel’s technology and assist in deploying a pipeline of global projects across road, maritime, and aviation.
Feedstock for four projects has already been secured through a deal with a leading waste wood consolidator operating in the UK and Ireland.
Nicholas Ball, CEO of XFuel, said: “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.”