Hydrogen and carbon dioxide e-fuel with $129 million in VC backing

The German startup has developed an e-fuel formula consisting of hydrogen and carbon dioxide. 

This week, Ineratec secured $129 million in funding for its product development during a B round. The leading investor in the fundraising was Piva Capital, an American venture capital fund focused on supporting startups in the energy and industrial sectors. Previous backers of Ineratec, including Planet A Ventures and High-Tech Gründerfonds, also contributed to this funding round.

Ineratec’s innovative e-fuels will find applications in aviation, road and maritime transportation, and the chemical industry.

2,500 tons per year of e-fuel

Right now, the company is constructing a factory in Frankfurt with the capacity to produce 2,500 tons of Ineratec e-fuel annually. Additionally, the company has inked a deal to establish another factory in Chile. This facility will provide e-fuels for trucks operating in the well-established mining industry in the region.

Wanted

Starting in 2030, the European Union will prohibit the use of fossil fuels for passenger cars, public transport, and trucks. However, e-fuels will still be permitted in the market. This is creating significant pressure to accelerate the development of these new types of fuels.

Source: Sifted.eu