XFuel, a company on a mission to convert biomass waste into drop-in low-carbon fuels, recently closed an €8.2 million investment round, according to Ship & Bunker’s article, “Biofuel Producer XFuel Raises €8.2 Million Investment Round”.
AENU, a German VC firm, took the lead on the investment round with additional support from SOSV’s HAX and Union Square Ventures, the article reports.
XFuel (HAX 2022) uses a modular refinery design to produce second-generation biofuel for marine, diesel, and aviation.
“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,” XFuel told Ship & Bunker in an emailed 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.”
TechCrunch also covered the news.