A company providing a renewable alternative to fossil diesel for “Off Road” applications will be undergoing significant expansion after successfully securing £300,000 of external funding.
Weybridge based Green Biofuels is supplying its sustainable rapeseed Biofuels: Green B and Green B+, to a number of UK industries that are looking to save money, whilst reducing their carbon footprint and unhealthy emissions of NOx and Particulates.
With a growing biofuels market that is set to double globally by 2021 and increasing regulatory pressures to reduce greenhouse gas emissions and improve the health and cleanliness or Air Quality, the opportunities for pure and effective biofuels are considerable.
Following several years of research and development work, Green Biofuels has created several biofuels for use in “off road” diesel engines that are not only cheaper to the end user, but are also cleaner and more efficient than fossil diesel. By supplementing the rapeseed products with a unique additive that has been carefully refined through the research process, the company is able to offer biofuel solutions that are unmatched in the current market. This enables them to be used safely, effectively and more productively in “off road” engines, even in temperatures lower than -25C, which is not possible with most biodiesels.
With a government target of 15% of UK energy to be from renewable sources by 2020, several industries that rely on the use of “off road” engines are facing severe legislation to reduce both their greenhouse gas emissions and unhealthy emissions. Green Biofuels is positioning itself to take advantage of this emerging market and is currently pursuing contracts to provide its fuels to rail companies, construction businesses, utility companies and other large businesses and organisations committed to carbon reduction through the government’s mandatory CRC Energy Efficiency Scheme.
Green Biofuels Executive Chairman, Kevin Mahoney, says: “Having undertaken a great deal of research to develop our unique biofuels formulae, we are now ready to roll them out across the numerous “off road” diesel engine applications. To enable us to carry out this testing, as well as establish an office and hire staff to facilitate our growth, we needed to obtain significant funding from an outside source.”
To meet this funding requirement the company turned to The FSE Group, which manages a series of funds to support businesses during different stages of their growth. Green Biofuels was successful in gaining a £150,000 South East Sustainability Loan – available to companies developing or selling a product or service that looks to reduce carbon emissions – and a further £150,000 from the Enterprise M3 Expansion Loan Scheme.
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5m initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes a growth equity fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
James Edwards, Senior Fund Manager at The FSE Group comments: “Green Biofuels is well positioned to capitalise on a growing market as alternative, renewable fuel sources become more desirable across mainstream industry. We look forward to supporting them through this next phase of rolling out their product, impacting positively on the environment and creating new jobs along the way.
For more information about the Enterprise M3 Funding Escalator please visit www.thefsegroup.com/enterprise-m3-funding-escalator or contact James Edwards.