Renovare Fuels raises £6m to expand production of sustainable transport fuels
Amberside Advisors led the equity financing to accelerate green fuel projects across the UK and Europe.
Share allotment filed at Companies House
Renovare Fuels develops technology to convert biogas into liquid fuels including diesel and sustainable aviation fuel.
Renovare Fuels has secured £6m in an equity raise to support sustainable fuel projects across the UK and Europe. The funding round was led by Amberside Advisors.
The capital will help kickstart renewable fuel initiatives valued at up to £500m. Renovare Fuels operates a proprietary technology developed in conjunction with NASA and the US Department of Energy that transforms biogas into liquid replacements for diesel and petrol without requiring engine modifications.
The company recently announced plans to open a £9m processing plant in Northern Ireland, which is scheduled to come online in 2024 and produce nearly 2m litres of biofuel annually. The business maintains a pipeline of 48 additional projects intended to scale production to 35m litres of biodiesel per year by 2030.
From the founder
"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."
Matthew Stone
Chairman at Renovare Fuels
Use of funds
- 01Build out infrastructure
- 02Expand into international markets