PuriFire Secures GBP 2.7 Millions Funding to Advance Biofuels Pilot Plant

PuriFire Energy has secured a £2.7 million (US$3.5 million) seed round investment, spearheaded by HICO Investment Group and supported by Bulnes Capital, R&R Investments, and Abhishek Desai. Established in 2019 by Dr. Matthew Pearce, this Cambridge-based startup is focused on advancing hydrothermal treatment technologies originally developed at Cranfield University. PuriFire's mission is to accelerate the shift to a low-carbon economy by making green hydrogen, biomethanol, and other sustainable fuels cost-competitive with fossil fuels.

The new funding will be combined with a £525,000 (US$650,000) grant from Innovate UK to launch a pioneering pilot project by mid-2025. This project will employ PuriFire’s patented technology to transform anaerobic digestion liquid digestate and other wet feedstocks into green methanol. As part of this investment round, Chris Hartnoll, CEO and Managing Director of HICO Investment Group, will join PuriFire’s Board.

Neel Shah, CEO and Co-Founder of PuriFire, expressed enthusiasm about HICO's involvement, noting the valuable insight and expertise they bring. Shah emphasized that PuriFire’s technology is poised to transform the production of green methanol and sustainable fuels by avoiding costly electrolysis and carbon capture systems.

Chris Hartnoll highlighted the appeal of PuriFire's technology, particularly its ability to turn wet waste into green methanol, which does not compete with other technologies for resources. This could lead to a significant reduction in the levelized cost of methanol production. HICO Investment Group is particularly interested in the growing demand for green methanol in the shipping industry. Major shipping companies like Maersk, Evergreen, Costco, and CMA-CGM have ordered 23 methanol-powered ships so far in 2024, contributing to a total of over 200 new methanol-powered vessels on order.

Currently, around 99.3% of methanol is derived from fossil fuels, with only 0.7% coming from renewable sources. Green methanol can cut CO2 emissions by 60-95%, reduce nitrogen oxide emissions by 60-80%, and nearly eliminate sulfur oxide and particulate matter emissions. It also offers the advantage of blending with conventional gasoline or diesel, facilitating a smoother transition for shipping operators and minimizing the need for extensive infrastructure changes. This investment aligns with HICO Investment Group's broader commitment to supporting the energy transition.

PuriFire is focused on speeding up the shift to a low-carbon economy by delivering sustainable green hydrogen and methanol solutions. The company is dedicated to expanding its range of innovative technologies while minimizing environmental impact. PuriFire strives to drive positive change and generate value for its stakeholders by harnessing its team’s scientific and engineering expertise. The company is committed to cutting greenhouse gas emissions and fostering a greener future for both current and future generations.