E-commerce group Amazon’s Climate Pledge Fund has co-led a $69m funding round for US-based alternative fuel producer Infinium with an unnamed subsidiary of energy utility NextEra Energy Resources.
Industrial manufacturer Mitsubishi Heavy Industries (MHI) also participated in the round, as did AP Ventures, 8090 Partners and Pavilion Capital.
Infinium has developed what it refers to as electrofuels, a low-carbon alternative to diesel and traditional aviation fuels generated from renewable energy sources that can be used without converting existing equipment.
NextEra Energy Resources’ president and chief executive, John Ketchum, said: “We are excited about the potential to leverage renewable energy to produce low-carbon electrofuels that will help drive decarbonisation of the transportation sector.
“This investment is consistent with our strategy to help lead the decarbonisation of the transportation, electricity and industrial sectors in the US.”
The round came after Amazon Climate Pledge Fund, MHI, AP Ventures, Neuman & Esser and Grantham Environmental Trust had provided an undisclosed amount of funding for the company in January this year.
Photo courtesy of Infinium.
