Jul 14 2010
ClearFuels Technology, Inc. (“ClearFuels”) announced today that Ulupono Initiative has made an initial investment of both financial capital and management engagement in ClearFuels. Ulupono will support ClearFuels’ Bridge financing and partner with the ClearFuels team to develop commercial biofuels projects in Hawaii.
Ulupono Initiative is a Hawaii-focused social investment organization rooted in the local wisdom that a healthy environment and a healthy economy go hand-in-hand. The organization focuses on improving sustainability and the quality of life for island residents in three areas, renewable energy, food production and waste reduction. Ulupono is funded by eBay founder Pierre Omidyar and his wife Pam.
“We are extremely pleased to have investment participation by Ulupono. They have a long term view and the capacity to support us in a variety of ways to help reduce Hawaii’s dependence on imported fossil fuel in a sustainable manner,” said ClearFuels CEO Eric Darmstaedter.
ClearFuels has recently garnered significant recognition for its work, including a BioFuels Digest designation as one of the top 30 transformational biofuels technologies. ClearFuels’ joint demonstration project in Colorado with Rentech, Inc. was also voted one of the 15 best demonstration projects funded by the US Department of Energy (“DOE”). The joint demonstration project was awarded a $22.6 million grant from the DOE from among more than 200 applicants. ClearFuels’ leading position has been strengthened through its strategic partnership with Rentech, which was completed following Rentech’s review of hundreds of gasification companies to integrate its technologies for production of clean, renewable jet and diesel fuels.
“ClearFuels is an outstanding example of the type of company we look to support: one that can both make an important contribution to Hawaii and whose innovative technology allows for global application on critical issues such as renewable advanced biofuels,” said Kyle Datta, General Partner, Ulupono Initiative. “We are pleased to partner with them to help them scale their social impact.” Founded in 1998 in Honolulu, ClearFuels Technology Inc. is the leader in thermochemical conversion of renewable cellulosic biomass feedstocks to clean, controllable syngas for the production of advanced renewable biofuels. From inception, ClearFuels’ core focus has been the development of a clean, flexible, technology platform to support a competitive business model that delivers commercial-scale production of advanced renewable biofuels while reducing commodity risks of both feedstock costs and biofuels prices.
ClearFuels founder, Dr. Robert Shleser strived to promote the environmental sustainability and economic well-being of Hawaii’s island communities. That is why, he says “the company is working toward building commercial biorefinery facilities in our home state of Hawaii.” Toward this end, ClearFuels recently submitted a proposal to Hawaiian Electric Company in response to their request for supply of locally developed biofuels, and the Company has just kicked off a scoping study at HC&S sugar plantation to evaluate potential biofuels production alternatives on Maui.
ClearFuels is integrating its flexible technology with two additional leading advanced biofuels companies for the production of cellulosic ethanol and renewable diesel from sugar based feedstocks. The company also has plans for four commercial projects on the mainland and more internationally, according to CEO Eric Darmstaedter.