It is believed that a 97% reduction in emissions comes from a comprehensive analysis of the fuel’s entire lifecycle. This is attributed to two factors – the efficient conversion of biogas and the integration of CO2 into the fuel’s composition. The latter is significant since CO2 constitutes nearly 40-50% of biogas.
In an initiative to meet the growing demand for alternatives to fossil fuels, UK-based Renovare Fuels has come up with a tech that transforms biogas into liquid fuels such as diesel and sustainable aviation fuel.
Now, the sustainable fuels producer Renovare Fuels has announced a £6 million equity raise. The investment will help to kickstart sustainable fuels projects across the UK and Europe, worth up to £500 million.
Advanced renewables biofuels processing plant
Late last year, Renovare Fuels revealed that it will open a landmark £9 million advanced renewables biofuels processing plant in Northern Ireland (Craigmore, Co. Londonderry) in 2024.
The plant is set to produce close to 2 million litres of advanced renewable biofuels each year. This plant is said to be a first for the UK and Europe, with dozens of local jobs set to be created during construction, as well as several long-term skilled engineering positions.
Renovare Fuels has an ambitious five-year plan. It believes that the equity raise will open doors to a further 48 projects, generating up to 35 million litres of biodiesel annually. By 2030, the company aims to have a significant number of landfill and anaerobic digester sites across the UK and Europe to help meet international net-zero targets.
Sustainable diesel, petrol alternative
Led by Matthew Stone, Renovare Fuels’ advanced renewable biofuel acts as a replacement for diesel, petrol, and aviation fuels, with no requirement for engine modifications. It cuts emission reductions by up to 97%.
Renovare Fuels’ technology was developed at the University of South Florida in conjunction with NASA and the US Department of Energy. The technology previously proved successful in converting biogas into usable diesel during a trial at a US landfill in 2017.
The fuel produced using Renovare Fuels’ technology is distinct from typical biodiesel products in that it is physically and chemically similar to conventional fossil fuels. This allows it to be used in engines without requiring design modifications and also means it does not require blending with unsustainable fuels.
Matthew Stone, Chairman at Renovare Fuels, said: “Renovare Fuels is delighted to be working alongside Amberside Advisors who are leading the investment team, allowing us to unlock a pipeline cutting-edge technology to drive the transport sector’s journey to net zero emissions. Securing this sustained funding will allow Renovare Fuels’ modular technology to be utilised at sites across Europe and beyond, with strong returns on investment as we continue to scale-up this pioneering technology at pace.”
