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Here's the relevant text, since the website makes it hard to get to. We’re excited to announce the close of our Series B funding round, with investment by Maer
by neonate 5y ago
Here's the relevant text, since the website makes it hard to get to.
We’re excited to announce the close of our Series B funding round, with investment by Maersk, Metaplanet, and BMW. As a result of the round, we’ve achieved a $1.5 Billion valuation, making us the world’s first electrofuels unicorn.
This month, we received strong support from the White House, as well as some of world’s largest, most iconic brands that have been nothing short of bold in backing innovative tech to decarbonize their industries — American Airlines, Maersk, and BMW. Their support marks a rising recognition of the incredible promise that our zero net carbon electrofuels hold in getting the planet to Net Zero by 2050.
On September 9, the Biden administration included Prometheus and our zero net carbon electro-Sustainable Aviation Fuel, or electro-SAF, in its plan to phase out fossil jet fuel and make aviation carbon neutral by 2050.
American Airlines, responding to the White House’s goal, cited our zero net carbon electro-SAF as key to decarbonizing its fleet, which, at over 880 aircraft, is the world’s largest. The airline’s support came on the heels of its recent agreement to buy 10 million gallons of our fuel.
Said Doug Parker, American Airlines Chairman and CEO: “We’re excited to partner with Prometheus to scale up the production of zero net carbon electrofuels. Their ability to produce 100% carbon neutral SAF at a price lower than fossil jet fuel and to not be limited in the scale of future production is the strongest indicator we’ve seen that a 100% carbon neutral aviation future can be achieved in time.”
Maersk Growth, the venture arm of A.P. Moller - Maersk, led our Series B round. Maersk, the world’s largest container logistics company, responsible for moving nearly 17% of the world’s container capacity, has been a take-no-prisoners, accept-no-half-measures trailblazer in decarbonizing its operations and the maritime shipping industry at large.
So we were honored when Maersk’s Head of Decarbonization, Morten Bo Christiansen, had this to say: “Prometheus Fuels is developing a very exciting and innovative technology to produce carbon based electrofuels from direct air capture of CO2. Electrofuels are expected to play a key role for the decarbonisation of shipping and, if scaled successfully, Prometheus Fuels’ technology will address a key constraint for carbon based electrofuels — namely the cost competitiveness of direct air capture.”
BMW i Ventures, who led our Series A round last year, doubled-down to join our Series B as well.
- quadrature 5y agoThanks!, their website is completely unusable so this helps a ton.
- rmcginnis 5y agoWorking on it!