Swedish power-to-fuel company Liquid Wind has successfully raised over SEK 2.7m (€258,000) through crowdfunding to support the development of carbon neutral fuel facilities and accelerate the transition from fossil fuels.
The company produces liquid, carbon neutral fuel, eMethanol, from captured carbon dioxide and green hydrogen, and has already attracted the interest of multiple large logistics and transportation companies.
Companies such as Halfor Topsoe, Siemens, Nel Hydrogen and Carbon Clean Solutions have also teamed together to support the sustainable fuels project.
Claes Fredriksson, CEO and Founder of Liquid Wind commented, “The world needs much more sustainable fuel. Governments and corporations are making strong commitments to reduce carbon emissions, but we need access to viable alternatives to make that happen.”
“Support for renewable fuels such an eMethanol is growing, but we need to accelerate this progress so we can reduce emissions and meet our sustainability commitments.”
For its project, Liquid Wind plans to follow the business model used to successfully scale the wind power section. The company has said it will develop and structure eMethanol facilities for project financing to attract future infrastructure investors.
Each facility will be organised as a Special Purpose Vehicle with long-term contracts for carbon dioxide, power and sale of eMethanol, as well as the appropriate permits.
“This approach has proven successful in attracting investments to develop wind power and we have a valuable opportunity to use the same structure to finance and scale renewable fuel,” Frediksson continued.
“Investors are looking for new opportunities and we are excited to be able to provide attractive and sustainable options that will accelerate the transition from fossil fuels and support our green recovery.”
Liquid Wind is planning the first eMethanol facility in northern Sweden, which they expect to be operational from 2023. They plan to develop five further facilities in Scandinavia before 2030, at which point the model will be replicated and licenced internationally.