NewCO2fuels, Acumentrics Win $1M for Carbon-to-Fuels Tech
NewCO2Fuels and Acumentrics have been awarded the $1 million 2014 BIRD Foundationâ€™s Energy program grant to further develop the two companiesâ€™ core technology aimed at converting CO2 into an alternative fuel.
BIRD Energy is a joint initiative of the US and Israel governments and funded by the US Department of Energy and Israel’s Ministry of National Infrastructure, Energy and Water Resources (MIEW), managed by the Israel-US Binational Industrial Research & Development (BIRD) Foundation. Each year, BIRD Energy awards cleantech funding grants to innovative energy and alternative fuel projects that are likely to achieve commercial success.
The grant comes as the EPA has set strict carbon emissions limits for power plants and heavy industries.
NewCO2Fuels is an Israel-based startup that has developed heat-powered CO2-reducing technology that allows companies to transform waste into a clean, sustainable syngas that can be converted into commodities such as chemicals, fertilizers and fuels.
David Banitt, CEO of NewCO2Fuels, says for every ton of steel produced by heavy industry, about 2 tons of carbon emissions are released into the atmosphere. He says the companyâ€™s technology transforms toxic pollutants into renewable, clean fuel that can be sold as a commodity.
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