XFuel Secures Funding for Shipping Drop-in Fuel Tech | Mariner News
XFuel, a leader in sustainable energy solutions, has successfully secured $20 million in new funding, primarily backed by prominent maritime firms NYK Line and Stolt Ventures. This significant investment aims to rapidly scale XFuel’s innovative drop-in fuel technology for the global shipping industry, marking a crucial step towards comprehensive shipping decarbonization. The capital will accelerate deployment of their low-carbon fuel solutions across major ports worldwide.
Advancing Sustainable Maritime Fuels
The Series A funding, which also saw participation from Wagner Carbon, Audacy, and others, underscores growing industry confidence. By securing this capital, XFuel is poised to become a key player in providing commercially viable and environmentally friendly sustainable shipping fuels, addressing the urgent need to reduce the carbon footprint of global maritime operations.
Innovative Waste-to-Fuel Solution
At the core of XFuel’s offering is its proprietary chemical liquid refining (CLR) technology. This advanced process efficiently converts various waste and residue liquids into high-quality, low-carbon fuels that are MGO-compliant. A significant advantage is that these fuels can be used in existing vessels without engine modifications, making them a true “drop-in” solution that delivers certified greenhouse gas emission savings.
Looking ahead, XFuel plans to collaborate with its new partners to establish long-term offtake arrangements and initiate pilot programs. These strategic partnerships will further solidify XFuel’s market position, driving the adoption of its green shipping solutions and fostering a more sustainable future for maritime transport.
