Category : Technology
BMW has announced that it is investing in the Prometheus Fuels brand, a startup working on technologies that allow CO2 to be extracted from the atmosphere and converted into something more useful, e.g. gasoline.
Prometheus Fuels was launched in 2019 thanks to engineer Yale, Rob McGinnis and has since been working hard on fuel processing, and more specifically on technology to capture carbon dioxide from the air and convert it into gasoline, diesel and fuel for fighters that are compatible with today's vehicles. All thanks to proprietary capture methods, fuel synthesis and separation technologies that allow the creation of a fuel that is molecularly identical to that based on oil. What's more, the company ensures that its procedure is carbon neutral and 100% solar and wind powered.
This means that it does not release any CO2 into the atmosphere, and furthermore prevents the extraction of natural fossil fuels that are required for the production of classic fuel. It is also very important that, unlike other sustainable fuels, it also does not require any modifications to vehicles, so it can be used both on the market and those that are just moving towards it. Prometheus ensures that it wants to create a real alternative to traditional fuels, which is why its product will be priced the same, and then we expect a reduction in its price, which will strengthen its position on the market.
“The ability to create fuel directly from the air, at a cost similar to fossil fuels, is a real game changer. The statistical car stays on the road for over eight years, which means that even if tomorrow the whole world shifts to buying 100% electricians, it will only be a decade from today that combustion engines would disappear from the roads. By creating carbon-neutral fuel from air-borne carbon dioxide, Prometheus Fuels influences the climate impact of modern engines and can drastically reduce it. " says Greg Smithies of Partner, BMW and Ventures.
Prometheus estimates that if all fuels produced from oil and gas were replaced by such carbon-neutral ones, we could count on the reduction of CO2 emissions to the atmosphere at the level of 10 gigaton, or by 25% of total global emissions every year. No wonder that BMW is interested in this matter, which can bring huge environmental and image benefits for the concern itself. For now, the company has decided to subsidize Prometheus Fuels with USD 12.5 million, which, according to the startup, will significantly accelerate the efforts to introduce this unique fuel on the market - residents of California may enjoy it this year, and next year it is expected to enter the international market.