German cleantech provider FUELSAVE has secured €3.4 million ($4 million) in fresh funding to expand its team and scale up the production of its advanced combustion conditioning solution.
As explained, the new funding will enable FUELSAVE to meet the growing demand for its retrofit solution, which is said to be capable of immediately reducing emissions from shipping.
This investment round is comprised of two tranches, with the first completed and the second set to close shortly with more value-adding investors.
With the two tranches of fresh funding led by Dreamcraft Ventures and supported by legal advisors Poellath+Partners, the company said it will be able to scale up production of FS Marine+, which cuts primary fuel consumption and emissions for the merchant vessel fleet and is compatible with the current and future fuels.
Specifically, the solution optimises combustion through the dynamic injection of hydrogen, oxygen, water and methanol through the air intake. This technology, referred to as advanced combustion conditioning, makes combustion cleaner and more efficient, thereby reducing fuel consumption and reducing greenhouse gas (GHG) emissions such as NOX by 30 to 80%, according to FUELSAVE.
Furthermore, the system can be easily retrofitted, as it does not require any modifications to the parts or working principles of the engine.
Demand for this technology has grown exponentially, as shipowners look for solutions to decarbonise their operations, following the adoption of tighter regulations by the International Maritime Organization (IMO) and other regulators. According to FUELSAVE, the deployment of FS MARINE+ will support the introduction of methanol as a marine fuel and facilitating the establishment of critical supply chains for this new fuel.
“Although not a silver bullet, advanced combustion conditioning has the potential to truly contribute to building a low-carbon future for shipping and is one of the few ways in which shipowners can reduce their emissions now, without requiring major changes to their engines and vessels,” Marc Sima, FUELSAVE’s CEO, commented.
“The technology will support operators as they face numerous operational and environmental challenges. It is also future-proof, as it can work with current fossil and future clean fuel alternatives, whether liquid or gaseous, including drop-in certified biodiesel, ammonia and methanol. We are proud to see this potential recognised by Dreamcraft.”
The investment is expected to play a key role in supporting FUELSAVE’s growth as it enters a new chapter of its development. The company has announced the establishment of new headquarters in Hamburg, Neuland, Germany, where a new production line will deliver over 50 largescale FS MARINE+ systems every year as a first step.