BMW i Ventures, a Venture Capital Fund of the Bavarian brand that supports pioneering initiatives in the automotive field, has announced a $12.5 million investment in Prometheus Fuels, an energy company.
The company iVentures has found a way to recycles CO2 from the air into carbon-neutral gasoline. The development is part of the Prometheus Fuels project, in which $ 12.5 million has been invested.
The technology is designed to use synthetic fuel from carbon released into the air. This gasoline is environmentally friendly and does not cause any harm to the environment, and its production does not use petroleum products. According to expert estimates, the average car emits 4.6 tons of CO2 per year. Thanks to the new technology, these harmful emissions will be significantly reduced, said the project’s chief engineer Rob McGinnis.
The company plans to start the production of such gasoline in early 2021. Replacing all oil and gas fuels with zero-carbon products will reduce global CO2 emissions by 25%. And this could be one of the main weapons against climate change.
On average, a car is used for 8 years, so even if the whole world switches to 100% electric cars tomorrow, it will take almost a decade for today’s cars with internal combustion engines to be taken off the road. However, the process of switching cars to electricity will not be so fast, so we need another solution. By creating carbon-neutral petrol, Prometheus Fuels allows the climate impact of today’s internal combustion engines to be significantly reduced immediately, ”explains Greg Smith, who is responsible for the project on behalf of BMW.