Sustainable fuels producer Renovare Fuels has launched a £6 million ($7.64 million) equity raise, aiming to expand its renewable biofuel production capacity to up t0 35 million litres annually.
A previously announced plan will see the Renovare produce up to two million litres of biofuel each each year from its landmark £9 million ($11.5 million) plant in Northern Ireland. This next round of funding will see the company ‘open doors to a further 48 projects’, with the intention to have a ‘significant’ number of facilities in operation across the UK and Europe by 2030.
“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,” commented Matthew Stone, chairman at Renovare Fuels.
The company’s patented technology, developed with NASA and the US Department of Energy, captures gases from organic matter on landfill sites before converting them into liquid biofuels.
Renovare Fuels launches £6m equity raise
