Infinium, an electrofuels solution provider, closed the funding bringing together a consortium of investors including Amazon’s Climate Pledge Fund, Mitsubishi Heavy Industries (MHI), AP Ventures, Neuman & Esser, and the Grantham Environmental Trust, reports Bloomberg.
The proceeds will be used to advance the development of commercial scale applications to decarbonize the transportation sector.
ElectrofuelsTM technology
Infinium’s proprietary technology enables the production of ElectrofuelsTM, a clean fuel allowing organizations to meet carbon reduction goals faster while accelerating the transition away from fossil fuels.
Converting carbon dioxide and renewable power into net-zero carbon fuels, ElectrofuelsTM can be used in todays air, maritime, and surface transportation fleets.
Nearly a quarter of global carbon emissions stem from the transportation sector, posing a significant challenge in industry efforts to reduce emissions. New business mandates that include corporate climate commitments and ESG investing have increased the demand for low-carbon transportation alternatives. While technologies such as electrification, carbon offsets, carbon capture and hydrogen fuel cell technology are part of the solution, they do not fully address transportation’s carbon reduction needs.
Impact on carbon reduction targets
Infinium’s ElectrofuelsTM are “drop-in” replacements for traditional petroleum-derived products. Infinium’s fuels enable commercial transportation industry and logistics operators to make an immediate impact on carbon reduction targets without capital and time-intensive upgrades to transportation infrastructure.
“Backing from the largest hydrogen-focused venture capital firm in the world, AP Ventures, is a huge vote of confidence for the promise of electrofuels and our technology’s ability to scale in order to meet todays urgent climate challenges,” said Robert Schuetzle, Chief Executive Officer, Infinium.
“We’re thrilled to be working with Amazon and MHI to demonstrate the commercial impact of our technology as well as other investors in this round. We expect that current projects under development will be the first broad-scale utilization of electrofuels by commercial vehicles and we’re working with MHI to bolster the company’s hydrogen utilization and carbon capture efforts through the production of our ElectrofuelsTM.”
Infinium is developing commercial applications of its technology with strategic partners to build ElectrofuelsTM production plants, focusing first in markets where low-cost renewable power generation coincide with large CO2 volumes.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Bloomberg
