Biofuel Producer XFuel Raises €8.2 Million in Investment Round

by Ship & Bunker News Team
Wednesday July 13, 2022

Biofuel producer XFuel has raised €8.2 million in its latest investment round.

The company plans to use the funds to commercialise its fuel production technology, it said in an emailed statement on Wednesday. The firm uses feedstock from sustainable waste sources in manufacturing, construction, forestry and agriculture to produce biodiesel that can be used for marine fuels, jet fuel and road transport fuel.

"Using modular and scalable biorefineries, XFuel can produce high-grade fuels at a comparable or lower price point to fossil-based fuels on the market," the company said in the statement.

"Independent assessments have shown that XFuel's technology can currently deliver fuel with GHG savings of 85%, with potential to deliver carbon-neutral and negative fuels in the future.

"The technology enables cost-efficient and transformative carbon emissions reductions today without requiring significant capital investment."