UK-based synthetic fuel manufacturer Zero Petroleum has secured funding to the tune of £200,000 from investor syndicate Raising Partners Angels, of which Formula One (F1) icon and broadcaster Damon Hill is a member.
Founded by F1 racing legend Paddy Lowe, the net zero fuel company received support from a compatriot with equally impressive race-track credentials, Damon Hill OBE, a participating investor.
The funding will be used to promote a circular carbon economy in the UK via the creation of a pilot synthetic fuel production plant, in addition to securing further partnerships and strengthening the company’s team. The company also received a £64,000 grant from Innovate UK.
With its sights set high, Zero Petroleum aims to become a leader in the net zero synthetic fuel production sector.
Speaking earlier in the year to gasworld in a world exclusive, Lowe stated that he believes synthetic fuels will be fundamental in the energy transition.
The fossil-free fuel is created by combining electricity produced from renewable sources with carbon dioxide (CO2) captured directly from the atmosphere. This process allows the Zero Petroleum team to manufacture synthetic petrol, diesel, jet fuel, and plastics.
“Society has gained immeasurably from the unique advantages of hydrocarbons, and our vision is to be a prime constructor of a fully circular and carbon-neutral supply at scale,” said Lowe.
Believing that synthetic fuels are necessary to protect the planet, Lowe added, “We must look towards sustainable alternatives. This financing from Raising Partners Angels will enable us to prove not only how viable synthetic fuels are, but how critical they are too.”
The beauty of synthetic fuels is seen by Zero Petroleum as the ability for them to replace fossil fuels without companies having to adapt their distribution infrastructure or the design of vehicles during the energy transition.
Urging all to rise to the challenge of tackling climate change, Hill emphasised the need to transition to more sustainable forms of energy.
He added, “As a former colleague of Paddy’s, I’m delighted that he’s using his skills in a way which could potentially benefit us all, and I’m a firm supporter of Zero Petroleum.”
The company is also seeking to further its reach in the world of renewable fuels by utilising hydrogen, for which it is currently seeking partners in the hydrogen sector.