The company’s revolutionary technology turns biodegradable waste from homes and industry into advanced renewable biofuels.
This investment is set to “unlock a pipeline of its cutting-edge technology” to drive sustainable fuel projects throughout the UK and Europe, worth up to £500 million.
Renovare Fuels’ patented technology captures gases produced from organic matter on landfill sites, before converting them into liquid biofuels. Last year, the sustainable fuel producer announced plans to open a landmark £9 million biofuels plant in Northern Ireland in early 2024. The County Derry site is set to produce close to 2 million litres of advanced renewable biofuels each year.
Ambitious plans
The company’s ambitious five-year plan hopes the equity raise will open doors to a further 48 projects, generating up to 35 million litres of biodiesel annually.
Renovare Fuels’ advanced renewable biofuel acts as direct drop-in replacement for diesel, petrol and aviation fuels, with no requirement for engine modifications – cutting emission reductions by up to 97 per cent.
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.
The patented technology, developed with NASA and the US Department of Energy, qualifies for the UK Department for Transport’s sought-after development fuel status and the sustainable aviation fuels mandate which sees elevated subsidies.
The company is further supported by the Renewable Transport Fuel Certificates (RTFC) scheme, with their biofuels set to generate up to 1.60p per litre in revenue through RTFO certificates.
Chairman, Matthew Stone, 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.”