Amberside Advisors led the equity financing to accelerate green fuel projects across the UK and Europe.
"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."
The Rotherham-based clean energy startup raised the capital to scale its microwave technology and launch a pilot project.
"Hydrogen is rapidly emerging as a sustainable way to decarbonise the economy, but cost, availability, and other practical issues have held back its use. Our technology offers a way to overcome these and provide clean, low-cost power on-site. For some organisations, Suiso’s on-site hydrogen generation may be the only realistic ‘green’ option – for example, energy-intensive industrial applications such as large boilers or furnaces, heavy lifting gear, or HGV and truck refuelling. This investment will help us move to the next stage on our journey to bring it to market."
Alphabet's CapitalG led the $430m round, pushing the digital bank's valuation to $5bn.
"We’ve built incredible momentum in the business over the past few years which has led to us reaching more than 9 million customers, turning profitable and launching even more ground-breaking products. With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives. Each milestone we’ve reached to this point has given us more strength and speed to make strides towards our mission – now we’ll scale to even greater heights and seize the huge opportunity ahead."
