HAMR Energy secures $10m to advance low carbon transport fuels
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The news: Low carbon liquid fuels (LCLF) company HAMR Energy has secured $10 million in series A funding, with backing from Airbus, Qantas and German-based industrial firm thyssenkrupp Uhde.
The context: HAMR said the funding will be used to advance its pipeline of LCLF projects, which converts plantation forestry residues into fuel to help decarbonise transport sector including shipping and aviation.
According to the International Air Transport Association (IATA), global demand for sustainable aviation fuel (SAF) is projected to reach 500 million tonnes by 2025, generating $13.1 billion in gross value and creating about 70,000 jobs.
HAMR Energy's flagship, Portland Renewable Fuels project, will use residues from the local plantation forestry industry to produce up to 300,000 tonnes a year of low carbon methanol. The company said this can be converted into SAF, supporting Australia's fuel security and its transition to cleaner energy.
What they said: "With the backing of world-class partners, we are advancing projects to deliver the lowest-cost, lowest-carbon fuels to decarbonise aviation and shipping at scale," HAMR co-founder David Stribley said.
"This investment will help us play an important part in realising Australia’s goals of establishing an LCLF industry."
The sources: IATA, HAMR Energy media release
