Neutral Fuels Chosen for Mohammed Bin Rashid Innovation Fund Accelerator
Pioneering commercial viability of biofuel and IoT-based real time fuel tracking and management
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
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