A consortium of investors including Mitsubishi Heavy Industries (MHI), AP Ventures, Neuman & Esser, and the Grantham Environmental Trust have joined Amazon’s Climate Pledge Fund in funding Infinium, an electrofuels solution provider. The funds will be used to advance the development of commercial scale applications to decarbonize the transportation sector.
Amazon launched the Climate Pledge Fund in June 2020. The Climate Pledge Fund is a $2 billion investment program to support the development of sustainable and decarbonizing technologies and services. The fund is investing in visionary companies across industries. Infinium, is the latest startup to receive an investment.
Infinium’s technology can enable organisations 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.
Video Credit – Infinium / Business Wire
Infinium’s CEO, Robert Schuetzle said:
“We’re thrilled to be working with Amazon and MHI to demonstrate the commercial impact of our technology. 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.”
AP Ventures’ Managing Partner, Andrew Hinkly commented,
“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,”
“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.
Image Credit: Amazon