DUBAI, UAE, April 16, 2019
/PRNewswire/ -- Neutral Fuels, the Dubai-based company that converts locally
sourced waste into locally consumed biofuel, has won a place on the
Mohammed bin Rashid Innovation Fund Accelerator (MBRIFA). The
programme was established under the UAE Ministry of Finance to
accelerate the expansion of pioneering, innovative businesses.
Karl W Feilder, Founder and CEO of Neutral Fuels, said he was
honoured that his company was one of just seven companies chosen
from 159 applications representing 29 countries. Applicants
underwent a rigorous process of screening, assessment, evaluation
and shortlisting before the final cohort was chosen.
"This comes just as climate change is increasingly recognised as
the biggest problem the world faces," said Feilder. "Governments
are now putting real pressure on companies to adopt carbon
solutions and biofuel is simply the quickest and easiest way to
reduce the greenhouse gases from transportation. This recognition
is a fantastic reward for the nine years we've
spent turning biofuel into a commercially viable and scalable
business proposition."
H.E. Younis Al Khoori, the
Ministry of Finance's Under Secretary said, "Our Advisory Decision
Committee represents the brightest minds in a variety of sectors
with a collective pool of experience spanning the globe. They have
selected the best and brightest innovators who have the potential
to deliver tangible impact."
Neutral Fuels, which has pioneered the use of Internet of Things
(IoT) sensors and real time fuel tracking and management, has
proven that biofuel made from waste is the best option for
mitigating climate change caused by transportation.
In its flagship example, from July
2011 to March 2019 McDonald's
delivery trucks have travelled over 12 million kilometres on
Neutral Fuels pure biodiesel resulting in almost 100% reduction in
their transportation carbon footprint. The 100% pure biodiesel they
use is made from McDonald's own waste cooking oil and every drop is
tracked using the Neutral Fuels cloud-based IoT platform, modelling
a perfect example of closed loop recycling in a circular
economy.
"Being a member of the MBRIFA will help us accelerate our
plans to expand beyond the UAE this year, and we will expand yet
further with a stock exchange listing in the next few years," said
Feilder.
The MBRIFA was established to inject higher levels of innovation
into the DNA of the UAE, and defines its purpose as identifying,
equipping and supporting the highest potential innovators to thrive
in the UAE, GCC and beyond. It helps local innovators reach their
growth ambitions by providing access to world class services, new
markets and financing for growth.
Feilder, who has previously established businesses in over 20
countries around the world, said he knew of no other nation as
business-friendly as the UAE. "Ten years ago, we were granted the
first ever GCC licence to commission a biodiesel refinery right in
the heart of the fossil fuel capital of the world. That level of
forward-thinking by a government is highly unusual."
To qualify for the MBRIFA, Neutral Fuels had to meet challenging
criteria, including having an exceptional level of transferability
and market potential. The company also had to demonstrate:
- New and refined thinking through a unique post ideation
product or service;
- Sector leadership underpinned by strong business leadership
with ambitions for growth;
- Alignment with the UAE vision and support of growth,
diversification, and excellence;
- Potential social impact on the UAE nationalization and
talent agenda.
Neutral Fuels is set to expand its pioneering work in the UAE to
other counties in the region, locally producing high quality clean,
green, ultralow-carbon biofuel which can be used in any diesel
vehicle or generator without modification and without any change to
fuel economy.
ABOUT NEUTRAL FUELS
Neutral Fuels LLC www.biodiesel.ae is a Dubai based company which converts waste
vegetable oils into European EN14214 standard compliant biofuel, a
sustainable and commercially viable replacement for petroleum
diesel. Neutral Fuels is the first licensed biorefinery in the
UAE and the first biofuels producer in the world to pioneer and
master a successful biofuel production business model that operates
entirely without government subsidy. The company's production
methods, technologies and business model are almost single-handedly
turning Dubai into a regional
Biofuels Knowledge Centre.
Video: https://www.youtube.com/watch?v=iUOd60EEpv8
Instagram: @karl_w_feilder @Neutral_Fuels
Facebook: @karlwfeilder @neutralfuels
Twitter: @Karl_w_feilder @neutral_fuels_
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SOURCE Neutral Fuels