A.P. Møller-Maersk has been a titan in the supply chain industry for decades. Their secret? Changing with the times, and that is exactly what they’re doing with their pledge to become net-zero in emissions by 2050.
One of these ways Maersk is looking to fulfill its pledge is by scouting out different alternative fuels like biodiesel and alcohol. Well, recently, Maersk has seen great potential in a company called Prometheus Fuels, which is researching and developing a type of “electrofuel”. With Series B funding a valuation of $1.5 billion dollars under its belt, the company prides itself on its limitless scalability. Here’s how it works:
Prometheus Fuel uses its patented Titan Forget Fuel System to capture carbon dioxide (CO2) in the atmosphere and transforms it through catalysts into a type of long-chain alcohol that can be used as shipping fuel. Moreover, the costs would be about the same as current conventional fossil fuels and the end fuel product can be customized to fit transportation needs like diesel, gasoline, or jet-fuel.
“Our electrofuel offers a truly viable solution to decarbonize shipping — one that can scale and be implemented in time to avoid catastrophic global warming. We’re excited to partner with Maersk, a global leader in decarbonization in the transportation and shipping industries, to accelerate this transition,” said Rob McGinnis, founder and CEO of Prometheus Fuels.