Renewable fuels company HAMR announced that it has raised $AUD10 million ($USD7.1 million) in a Series A funding round, with backing from aviation and industrial companies Qantas, Airbus and thyssenkrupp.
Founded in 2020, Melbourne-based HAMR is developing a pipeline of low carbon liquid fuel projects that will convert plantation forestry residues into fuel to help decarbonize hard-to-abate transport sectors, such as shipping and aviation.
David Stribley, Co-Founder of HAMR, said:
“This funding round is a pivotal moment for HAMR Energy and for Australia’s clean energy future. With the backing of world-class partners, we are advancing projects to deliver the lowest-cost, lowest-carbon fuels to decarbonise aviation and shipping at scale.”
HAMR’s anchor project in Victoria is anticipated to produce 300,000 tons per year of low carbon methanol, which can be used directly as a shipping fuel or converted into sustainable aviation fuel (SAF), and the company is also developing Australia’s first major methanol-to-jet fuel facility which will have the capacity to convert methanol into more than 135 million liters of SAF annually.
The investment from Qantas and Airbus will be taken from their joint Australian Sustainable Aviation Fuel investment fund. The companies announced a collaboration in 2022 to invest up to $200 million to develop the SAF industry in Australia.
Stephen Forshaw, Airbus Chief Representative, Australia, New Zealand and the Pacific, said:
“Developing low carbon fuel production in more of Australia’s states has the potential to create broad access for offtakers across the country – so important when we consider the reach of our industry.”
