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Sustainable fuels startup Renovare Fuels announced today the launch of a £6 million (USD$7.6 million) […]]
Renovare Raising $7.5 Million to Turn Landfill Waste into Renewable Biofuels – ESG Today
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Renovare Raising $7.5 Million to Turn Landfill Waste into Renewable Biofuels
Susan Lahey
March 19, 2024
Sustainable fuels startup Renovare Fuels announced today the launch of a £6 million (USD$7.6 million) equity raise, with proceeds aimed at supporting projects to produce advanced renewable biofuels from waste.
Founded in 2015, UK-based Renovare provides a technology that turns biodegradable waste from homes and industry into advanced renewable biofuels. The technology captures gases produced from organic matter on landfill sites and converts them into liquid biofuels that act as a direct ‘drop in’ replacement for diesel, petrol and aviation fuels, with no requirement for engine modifications.
According to Renovare, the company’s advanced renewable biofuels can cut greenhouse gas emissions by 97%.
The launch of the new financing round follows Renovare’s announcement of a new £9 million (USD$11.4 million) biofuels plant in Northern Ireland, expected to produce 1.8 million liters of advanced renewable biofuels to support the industries that face the largest barriers to net zero.
Renovare said that it aims to have a significant number of landfill and anaerobic digester sites across the UK and Europe by 2030.
Matthew Stone, Chairman at Renovare Fuels, said:
“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.”
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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