HutanBio raises £2.3m from Clean Growth Fund to scale sustainable marine biofuel
Clean Growth Fund backed the Cambridge biotechnology startup to accelerate the commercial rollout of its HBx biofuel.
Share allotment filed at Companies House
HutanBio is a biotechnology startup that develops low-carbon drop-in replacement fuel for the maritime sector using algae grown in controlled bioreactor farms.
HutanBio has secured £2.3m in investment from Clean Growth Fund to accelerate the commercial use of its HBx bio-fuel oil. The Cambridge and Malaysia-based biotech startup converts carbon dioxide and sunlight into clean hydrocarbons for long-haul transport and shipping. The capital will be deployed to expand engineering and business development teams in Cambridge as well as drive commercial deployment.
Founded in 2019 by researchers from Cambridge University and Universiti Selangor, the company utilises automated photosynthesis bioreactors that operate on salt water. This approach avoids competition with food crops, fresh water, and arable land. HutanBio intends to establish bio-reactor farms globally, including planned sites in Morocco and Australia, while partnering with high-emission industries for local carbon capture.
From the founder
"Clean Growth Fund’s investment in HutanBio, coupled with the strong commercial interest in HBx now being shown by potential customers from around the world, is hugely exciting and underlines the company’s massive potential. We have been patient and rigorous in our scientific work to ensure that HBx is market-ready, demonstrating the world-class expertise and tenacity of our team. We believe that HBx unlocks the biofuel puzzle, with the capability to produce a cost-effective biofuel an order of magnitude greater than any other oil-crop."
John Archer
Co-founder at HutanBio
Investor perspective
"The positive impact that HBx can have on today and tomorrow’s world is significant. We know that the use of algae has long been recognised as a promising source of biofuel and for varying reasons many companies have failed to successfully commercialise. However, the scientific rigor of HutanBio, the qualities of HBx, and the market opportunities it has in the shipping and aviation sectors in particular gives Clean Growth Fund cause for great celebration to support the company’s future growth.HutanBio can be a major disruptor in the fuel supply market and make a major contribution to the decarbonisation of transport and the hard-to-abate heavy industries."
Jonathan Tudor
Investment Partner, Clean Growth Fund
Use of funds
- 01Grow the team
