Prometheus Fuels

Energy

Founded: 2018

Last Round Valuation: $1.56B

Prometheus Fuels is an innovative company focused on converting captured carbon dioxide into carbon-neutral fuels, with the aim of decarbonizing the transportation sector. Using advanced catalysts and renewable energy, they produce gasoline, diesel, and jet fuels that have a net-zero carbon footprint, helping to combat climate change and reduce greenhouse gas emissions.

Prometheus Fuels Overview:

Prometheus Fuels is an innovative company at the forefront of developing advanced technologies to produce sustainable and carbon-neutral fuels. With a strong focus on combating climate change and reducing greenhouse gas emissions, Prometheus Fuels aims to revolutionize the transportation sector by providing cleaner alternatives to conventional fossil fuels.

The core mission of Prometheus Fuels is to address the challenge of decarbonizing transportation, which remains one of the most significant contributors to global carbon dioxide emissions. The company's approach centers around the direct air capture (DAC) of carbon dioxide and converting it into carbon-neutral gasoline, diesel, and jet fuels.

Prometheus Fuels utilizes state-of-the-art technology and processes to capture CO2 directly from the atmosphere. By combining captured CO2 with renewable hydrogen derived from water electrolysis, the company transforms these inputs into hydrocarbon fuels that can be used in existing engines and infrastructure without requiring modifications. This approach enables a seamless transition to cleaner fuels, allowing vehicles and aircraft to significantly reduce their carbon footprint.

One of the significant advantages of Prometheus Fuels' technology is that it offers carbon-neutral fuels. When these fuels are burned, they release only the same amount of CO2 that was initially captured from the atmosphere during the production process. This closed-loop carbon cycle approach makes the fuels essentially carbon-neutral and helps mitigate the environmental impact of transportation.

Prometheus Fuels has gained recognition and support from various investors and partners, demonstrating the credibility and potential of its technology. These investors include major players such as Maersk, Megaplanet, and BMW, who have recognized the value and impact of Prometheus Fuels' innovations in the transition towards sustainable transportation.

By offering carbon-neutral fuels as an alternative to traditional fossil fuels, Prometheus Fuels aims to accelerate the adoption of cleaner energy sources and contribute to a more sustainable and environmentally friendly future. The company's innovative approach to fuel production, combined with its commitment to reducing carbon emissions, positions Prometheus Fuels as a key player in the drive towards a low-carbon economy.

Prometheus Fuels' dedication to sustainability and the development of carbon-neutral fuels represents a significant step forward in addressing the challenges of climate change and promoting a more sustainable energy landscape. Through their innovative technologies, they are actively working to reshape the transportation sector and make a positive impact on global carbon emissions.

Founders:

  • Rob McGinnis

Top Investors:

  • BMW

  • Maersk

  • Megaplanet

Funding History:


Date Share Type Amount Raised Raised to Date Issue Price Post Money Valuation Key Investors
Sep 2021 Series B $99.9MM $115.62MM $7.31 $1.56B Maersk, Megaplanet, BMW
Jun 2020 Series A-4 $1MM $1MM $0.16 $162.1MM BMW
Jun 2020 Series A-1 $149.99K $149.99K $0.01 $162.1MM BMW
Jun 2020 Series A-2 $790K $790K $0.08 $162.1MM BMW
Jun 2020 Series A-3 $1.31MM $1.31MM $0.11 $162.1MM BMW
Jun 2020 Series A-5 $12.47MM $12.47MM $1.27 $162.1MM BMW

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