Tel Aviv, Israel - September 6, 2015: NewCO2Fuels (NCF), in collaboration with Acumentrics, have been awarded the 2014 BIRD Foundation's Energy program $1Million (USD) grant for the continued development of NCF's and Acumentrics' core technology aimed at converting CO2 into an alternative fuel.
BIRD Energy is a joint initiative of the US and Israel governments and funded by the U.S. Department of Energy (DOE) and Israel's Ministry of National Infrastructure, Energy and Water Resources (MIEW), managed by the Israel-U.S. Binational Industrial Research & Development (BIRD) Foundation. Each year, BIRD Energy awards grants to innovative energy and alternative fuel projects that are likely to achieve commercial success.
The 2014 BIRD grant is based upon a joint-partnership between an Israeli and US company -- NewCO2Fuels (Rehovot) and Acumentrics (Westwood, MA). The grant will assist in driving major enhancements to NewCO2Fuels system's performance, cost reduction and reliability --
all fundamental elements that underpin commerciality.
NewCO2Fuels is an Israel-based start-up that combats global climate change with heat-powered CO2-reducing technology that allows companies to transform their harmful, Earth-threatening waste into a clean, sustainable syngas that can be converted into commodities such as chemicals, fertilizers and fuels.
"As the EPA raises the bar to reduce limitless carbon pollution caused by power plants and heavy industries, NewCO2Fuels will continue to advance its technology and resources in creating a viable, immediate and economically sound technology, that with the assistance of imperative foundations such as BIRD, can help make a profound impact on the well-being and sustainability of the Earth," said David Banitt, CEO of NewCO2Fuels. "For every ton of steel produced by heavy industry, nearly two tons of carbon emissions are sent into the atmosphere and into our lungs. With our ground-breaking technology, we can combat these harmful wastes and transform toxic pollutants into renewable, clean fuel that can be sold as a commodity."
Among NCF's growing international validation and recognition is the receiving of several awards and grants, including:
The 2014 World Technology Network (WTN) award for Energy (corporate category), joining a prestigious list of past WTN award dinners including 3M, Amazon, Google and Facebook and others; naming by the Australian Government as a future fuel in its Alternative Liquid Fuel Technology Assessment report; the funding from the US Government Department of Energy in conjunction with Alstom Power Inc.; and the awarding of two grants from the Israeli Government to assist in the development of its core technology.
NCF has made outstanding progress in developing its product using over $10M of funds from private investors and donors, and is currently in the midst of raising its third round of finances to develop the product into a world-wide, clean energy-creating phenomena.