PuriFire Energy, a Cambridge-based producer of sustainable green hydrogen and methanol solutions, has raised £2.7 million in seed funding. The round was led by HICO Investment Group with participation from Bulnes Capital, R&R Investments, and Abhishek Desai.
This follows the recent investments in startups specialising in hydrogen production, including Power to Hydrogen and IP Group.
Funds utilisation
The company will combine the Seed investment with a £525K grant from Innovate UK to set up a pilot project by mid-2025 to convert anaerobic digestion liquid digestate and other wet feedstocks into green methanol using its patented technology.
In addition to the investment, Chris Hartnoll, CEO & MD at HICO Investment Group, will join PuriFire’s Board.
Chris Hartnoll, MD at HICO Investment Group, stated, “One of the key attractions was the potential of PuriFire’s technology to convert wet waste into sustainable fuels such as green methanol. By targeting feedstock that doesn’t necessarily compete with other technologies, we believe PuriFire can significantly reduce the levelised cost of methanol production.”
What role does it play?
Currently, nearly 99.3% of methanol produced comes from fossil-based sources, with only 0.7% being renewable or green.
Green methanol can reduce CO2 emissions by 60-95%, nitrogen oxide emissions by 60-80%, and sulphur oxide and particulate matter emissions almost entirely. It can also be blended with traditional gasoline or diesel fuel, offering a seamless transition for shipping owners and minimising the need for infrastructure upgrades.
PuriFire was founded to accelerate the transition to a low-carbon economy by providing sustainable green hydrogen and methanol solutions.
What does the company do?
In 2019, Dr. Matthew Pearce founded the startup alongside Neel Shah and Ray Middleton to commercialise his early research into hydrothermal treatment technologies at Cranfield University.
PuriFire transforms wastewater into green hydrogen and bio-methanol to decarbonise shipping and chemicals. By leveraging the team’s scientific and engineering expertise, the company is dedicated to reducing greenhouse gas emissions and promoting a greener future for present and future generations.
Neel Shah, CEO and Co-Founder at PuriFire, said, “We are very excited to have HICO’s insight and expertise as we continue our journey to transform green methanol and sustainable fuel production. PuriFire’s technology offers a strong value proposition, as it can scale green methanol and sustainable fuel production without expensive electrolysers or carbon capture systems.”
