Renovare Fuels is developing technology that turns biodegradable waste from homes and industry into petrol or diesel fuel.
Renovare Fuels completed its SyndicateRoom round in February 2017, overfunding to £658,337.
Renovare Fuels has developed patented technology that allows industrial or household waste to be converted into liquid diesel and petrol, with the goal of fuelling everyday vehicles without the need for any engine modifications. The technology was developed in conjunction with NASA and the US Department of Energy.
Where current fuel production from biodegradable waste uses only a fraction of the gas produced from this process, Renovare Fuels’ new method uses up to 100% of the available gas – including CO2 – to generate the fuel, making it more efficient and potentially profitable.
With the widely publicised reduction of government subsidies for waste-to-energy plants in 2017, Renovare believes that this technology will help plants to become more efficient and self-sustainable and allow landfill operators to resell the fuel or use it for their own refuse collection vehicles.
Since leaving the army after ten years of service in the Royal Engineers and UK Special Forces, CEO Kevin Godlington has founded several charities and a number of successful environmentally and socially responsible companies, overseeing them from startup to exit. Chairman Matthew Stone is an active investor in the clean-technology space and has an established research catchment exceeding $6bn annually.
The company plans to use raised funds to construct and run a commercial-scale mobile demonstration unit to provide initial proof of concept to potential new partners in the UK.
The lead investor
Lead investor Robert Lawrence invested £50,000 into Renovare Fuels. Joining the army in 1977, Robert was awarded the Military Cross for his actions leading the final assault on Mt. Tumbledown during the final stages of the Falklands War in 1982. He has extensive experience in international multimedia organisations and private military companies.
Robert is a successful entrepreneur, and an investor in socially and environmentally conscious companies. Robert has history of investing in property, including a successful and ongoing investment in an Asian property fund. He has also made investments into the alternative energy sector.
Robert explains why he invested in Renovare Fuels:
‘The opportunity to be involved in a ‘green’, new technology company with a management team which I believe in. The capacity to store and transport a product that can be used in conventional engines with no need for adaption.’
What investors say
‘When looking at investments there are a number of important criteria – intellectual property rights or uniqueness around the product, strong, experienced management and a clear go-to market strategy where the market opportunity is defined. Renovare Fuels met these criteria and the ability to invest through the EIS or SEIS schemes meant that the early stage risk presented by a young company engaging in a disruptive technology could be mitigated.’
– Martin Blair, investor
‘I invested in Renovare Fuels because of the technology’s potential and my belief in the management's team ability not only to execute technically but also to monetise when appropriate.’