Cambridge-based cleantech firm PuriFire, which produces green hydrogen and methanol to cut carbon emissions in shipping and chemicals, has secured £2.7 million in a seed funding round led by HICO Investment Group, with participation from R&R Investments, and business angels. The capital raised will help PuriFire enhance its transformative technology for sustainable fuel production.
- Founded in 2020 by Neel Shah and Matt Pearce, PuriFire develops a versatile technology that transforms various forms of waste carbon and water or wastewater into green hydrogen and carbon dioxide.
- PuriFire's novel hydrothermal treatment process generates green hydrogen and carbon dioxide in proprietary reactors, which are then converted into biomethanol through catalytic synthesis. This approach helps reduce carbon emissions in shipping and chemicals.
- The startup's team consists of 12 professionals. Additionally, PuriFire has partnered with PML, the University of Sheffield, Carbon13, Tech Nation, and the Net Zero Technology Center.
Details of the deal
- The fresh round was led by HICO Investment Group, a London and Outram-based venture capital firm that supports tech startups in the maritime and logistics sectors globally.
- The raised capital also received support from R&R Investments, along with a £525,000 grant from Innovate UK.
- With the capital raised, PuriFire plans to advance its transformative technology for sustainable fuel production and use the grant to launch a pilot project by mid-2025. This research will concentrate on turning anaerobic digestion liquid digestate and other wet feedstocks into green methanol.
"We want to express our sincere appreciation to Chris Hartnoll for believing in our vision and technology, and we are pleased to welcome him to our Board," PuriFire's team, commented on LinkedIn.
