SACRAMENTO, Calif.--(BUSINESS WIRE)--Infinium, a leader in electrofuels production, announced the company has closed a $69 million round of additional funding which was co-led by Amazon’s Climate Pledge Fund and a subsidiary of NextEra Energy Resources, LLC. The round also includes investment from AP Ventures LLP, a significant investor in breakthrough hydrogen technologies based in London, as well as 8090 Partners, Mitsubishi Heavy Industries and Pavilion Capital.
“We built Infinium to bring ultra-low carbon fuels known as electrofuels to the transportation sector as quickly as possible,” said Robert Schuetzle, CEO of Infinium. “The confidence our investment partners have placed in us reinforces the urgency we all feel to help mitigate the potentially catastrophic effects of climate change, and we are incredibly excited to bring electrofuels to market.”
Funding will primarily be used to complete the development of large-scale facilities that can each generate nearly 40 million gallons of electrofuels annually for the commercial transportation sector. Infinium Electrofuels™ technology converts renewable power into ‘green’ hydrogen, then uses the green hydrogen and waste carbon dioxide to produce ultra-low carbon fuels. These fuels are an instant replacement for traditional jet fuel and diesel, and can be seamlessly used in planes, ships and truck fleets without changes in infrastructure or engine design.
“Amazon sees significant opportunity in Infinium’s Electrofuels technology, which has the potential to help decarbonize some of the key forms of transportation we use, including air, freight and heavy trucks,” said Amazon Vice President and Head of Worldwide Sustainability Kara Hurst. “When Amazon created the $2 billion Climate Pledge Fund, we designed it to help support the development of technologies and services that will enable us, as well as other companies, to reach the goals of the Paris Agreement 10 years early and achieve net-zero carbon by 2040.”
Founded in 2020, Infinium leverages technology its founders have been developing for over a decade. The company’s proprietary solutions utilize renewable electricity from wind, solar and hydroelectric power sources to produce electrofuels. Each large-scale Infinium Electrofuels production facility will mitigate more than 300,000 metric tons of carbon dioxide annually that would otherwise be emitted into the atmosphere—which alone is the carbon offset equivalent of planting nearly 5 million tree seedlings that are each grown for 10 years.*
“We’re excited about the potential to leverage renewable energy to produce low-carbon electrofuels that will help drive decarbonization of the transportation sector,” said John Ketchum, president and chief executive officer of NextEra Energy Resources. “This investment is consistent with our strategy to help lead the decarbonization of the transportation, electricity and industrial sectors in the U.S.”
“The large-scale combination of captured carbon dioxide with hydrogen in the creation of electrofuels is a unique approach that will quickly change the transportation sector forever,” said Andrew Hinkly, managing partner of AP Ventures. “We’re delighted to put our second round of investment into Infinium and are confident their technology will bring meaningful change for all of us.”
Infinium is a technology-based electrofuels innovator with a mission to decarbonize the transportation sector and help mitigate the catastrophic effects of climate change. Their groundbreaking Infinium Electrofuels™ are an ultra-low carbon fuel alternative to existing liquid jet and diesel fuels, and can be seamlessly used in planes, ships and truck fleets with no costly infrastructure changes. For more information, visit www.infiniumco.com.
[*Source: EPA Greenhouse Gas Equivalencies Calculator]