Maersk throws its weight behind the Unicorn Electric Fuel Company

AP Møller – Maersk made a minor investment in electric fuel manufacturer Prometheus Fuels on Thursday.

Maersk does not put all eggs in one basket when it comes to alternative fuels. The company is considering biodiesel, alcohol, lignin-enriched alcohol, and ammonia as potential tools for decarbonizing a large number of marine vessels, he said. release.. However, Prometheus is clearly in the spotlight of the company.

Prometheus Fuels’ electric fuels only release oxygen, use carbon dioxide captured from the atmosphere, eliminate waste and do not compete with food production like some biofuels. Prometheus said the scalability is virtually infinite because it relies on renewable energy and the surrounding air.

Prometheus has completed a Series B funding round with a $ 1.5 billion valuation, making it the “World’s First Electric Fuel Unicorn.” The company announced on Thursday.. Mega Planet and BMW were additional investors in Prometheus during the funding round.

“Prometheus Fuels is developing highly exciting and innovative technologies for producing carbon-based electric fuels from direct air capture of CO2. Electric fuels play an important role in the decarbonization of transportation. Prometheus Fuels technology, if scaled well, addresses the key constraints of carbon-based electric fuels: the cost competitiveness of direct air capture. Decarbonization at Marsk Said in the release.

This investment is another step in Maersk’s journey to zero emissions by 2050. The company has made several moves to build methanol-powered vessels and ensure the production of biomethanol and electronic methanol to fuel those vessels.

read: Maersk invests in waste fuel, a biomethanol manufacturer

read: Maersk signs contract for eight methanol-powered vessels

Fuel details

An electric fuel company based in Santa Cruz, California Titan Fuel Forge System It collects carbon dioxide directly from the atmosphere and uses a series of membranes and catalysts to turn it into fuel. In this process, carbon, hydrogen, and oxygen molecules are split, charged, and filtered to eventually produce long-chain alcohols that can be used as fuel for transportation.

(Infographic: AP Møller – Maersk / Prometheus Fuel)

According to Prometheus, one Titan Fuel Forge has the ability to collect 9 kilotons of carbon dioxide from the atmosphere and convert it into 1 million gallons of gasoline annually.

“We are very pleased to see our continued investment in liquid fuel decarbonization. EV hype often overlooks the infrastructure needed to extend that solution. Prometheus promises. That will bring a net zero liquid fuel that can be introduced into the current fuel supply chain and simplify its distribution and expandability. Promising technology and the best I have to admit. Website experience I’ve seen it for a long time, “said Tyler Cole, carbon intelligence director at Freight Waves.

The animation website advertises that the price of Prometheus fuel is the same as or less than fossil fuels.Considering the big barriers to the adoption of alternative fuels Higher cost, This could be a game changer as well as the shipping industry. Prometheus’ technology can be customized to produce gasoline, diesel, or jet fuel, which can result in carbon-neutral fuel in multiple modes of transport.

“Our electric fuels provide a truly viable solution for decarbonizing transportation. It is a solution that can be scaled and implemented in time to avoid catastrophic global warming. Rob McGinnis, Founder and CEO of Prometheus Fuels, said:

Click here for more Freight Waves articles by Alyssa Sporrer.

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