The funding round was led by AP Ventures, a leader in venture capital related to the hydrogen economy and included strategic investors from a variety of industries
Infinium Electrofuels™ have the potential to help investor Amazon and other companies to decarbonize their operations and meet their net-zero carbon goals
Infinium, an electrofuels solution provider, today announced the close of a funding round bringing together a consortium of investors including Amazon’s Climate Pledge Fund, Mitsubishi Heavy Industries (MHI), AP Ventures, Neuman & Esser, and the Grantham Environmental Trust. The proceeds will be used to advance the development of commercial scale applications to decarbonize the transportation sector.
Infinium’s proprietary technology can enable organizations to meet carbon reduction goals by accelerating the transition away from fossil-based fuels. The Infinium Electrofuels™ process converts renewable power into green hydrogen, then uses this green hydrogen and waste carbon dioxide to produce net-zero carbon fuels. These fuels may be used in today’s plane, ship and truck fleets without changes in infrastructure.
Nearly a quarter of global carbon emissions stem from the transportation sector, posing a significant challenge in industry efforts to reduce emissions. New business mandates that include corporate climate commitments and ESG investing are increasing the demand for low-carbon transportation alternatives. Other solutions, such as electrification, carbon offsets, carbon capture and hydrogen fuel cell technology are part of the solution but do not fully address transportation’s carbon reduction needs.
Infinium’s Electrofuels™ are “drop-in” replacements for traditional petroleum-derived products. Infinium’s fuels enable commercial transportation industry and logistics operators to make an immediate impact on carbon reduction targets without capital and time intensive upgrades to transportation infrastructure.
“We’re thrilled to be working with Amazon and MHI to demonstrate the commercial impact of our technology.” Said Robert Schuetzle, CEO of Infinium. “Backing from the largest hydrogen-focused venture capital firm, AP Ventures, as well as support from Neuman & Esser, an international compressor solutions provider with headquarters in Germany and the Grantham Environmental Trust is a huge vote of confidence for the promise of electrofuels and our technology’s ability to scale in order to meet today’s urgent climate challenges. We expect that current projects under development will be the first broad-scale utilization of electrofuels by commercial vehicles, harmonizing hydrogen utilization and waste carbon capture.”
“Amazon created The Climate Pledge Fund to support the development of technologies and services that will enable Amazon and other companies to reach the goals of the Paris Agreement 10 years early—achieving net-zero carbon by 2040,” said Kara Hurst, Vice President of Worldwide Sustainability at Amazon. “Infinium’s electrofuels solution has real potential to help decarbonize transport that carries heavier loads and travels long distances, including air and freight, as well as heavy trucks.”
“In order to mitigate climate change and realize a sustainable future of clean energy, we need new technology solutions. Infinium’s market readiness and scalability makes it stand out from other alternative fuel providers,” said Andrew Hinkly, Managing Partner at AP Ventures.
“It is increasingly important to continue our efforts towards developing solutions that drive global carbon neutrality goals,” said Yoshihiro Shiraiwa, Chief Executive Officer, Mitsubishi Heavy Industries America. “We are confident in the progress we will make together with this group of industry leaders.”
Infinium is developing commercial applications of its technology with strategic partners to build Electrofuels™ production plants, focusing first in markets where low-cost renewable power generation coincide with large CO2 volumes.