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Newlight raises $9M in seed funding for hydrogen injection system that reduces vessel fuel consumption by 24%.

PRIVATESep 01, 20266 days ago

Amount Raised

$9 Million

Round Type

Seed

Huntington BeachManufacturing

Investors

Fusion VcCi Ri VenturesUndeterred CapitalBird EnergyLomarlabs

Description

Newlight, a San Francisco Bay Area startup, announced the completion of its first long-distance commercial voyage using its hydrogen injection system on a cargo vessel, achieving a 24% fuel consumption reduction. The company has raised $9 million in seed funding from investors including lomarlabs (Lomar Shipping's venture arm), BIRD Energy, Undeterred Capital, CiRi Ventures, and Fusion VC. Newlight's technology uses compressed hydrogen to reduce diesel fuel supply in cargo ship engines while maintaining performance. The company has signed agreements to install the system on 12 vessels across several companies.

Company Information

Company

Newlight

Location

14382 Astronautics Lane

Huntington Beach, California, United States

About

Newlight is a biotechnology company producing advanced sustainable materials. Newlight was founded in 2003 with a question: why can’t we use greenhouse gas as a force for good? Over 10 years of research and development, Newlight developed a biotechnological process to harness microorganisms found in the ocean to convert greenhouse gas into a meltable energy material found in all living things: a naturally-occurring, biocompatible material that can be used to make fibers and solid parts, and help reduce the flow of carbon and synthetic plastic into the environment. Following commercialization in 2013, Aircarbon was named “Biomaterial of the Year” by the Nova Institute in 2013, “one of the 100 most technologically significant innovations of the year” by R&D Magazine in 2013, and “Innovation of the Year” by Popular Science in 2014, and received the prestigious EPA Presidential Green Chemistry Challenge award in 2016. Today, Newlight is focused on growth through both internal and licensed production to help fulfill the company's mission: to protect and improve life by accelerating the world’s transition to sustainable, regenerative materials.

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