An Amsterdam company developing advanced biofuels for the shipping and transport sectors has secured major new funding.

GoodFuels Marine featured on these pages last year for trials it was doing with the Maritime and Port Authority of Singapore (MPA) and it has now bagged backing Social Impact Ventures (SIV).

“GoodFuels makes the heavily polluting shipping industry cleaner by developing and supplying advanced and sustainable marine biofuels. These fossil-free fuels are one of the few options available today to drastically reduce the carbon footprint of shipping over the next decade. There is more need for this than ever, as indicated by the recently published International Maritime Organisation (IMO) targets for a 50% reduction in CO2 by 2050. In GoodFuels and its leading Green Cargo Program, GoodShipping, we find an ambitious and impact-driven team, perfectly positioned to accelerate the transition to clean, low carbon and truly sustainable fuels. As Social Impact Ventures – we are proud to support this high impact cause,” said Helmer Schukken, Partner at Social Impact Ventures.

The money will enable Good Fuels Marine to ramp up global production.