The Technology Turning Useless CO2 Into Fuel

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Jan. 13 (Bloomberg) -- David Banitt, CEO at NewCO2Fuels, explains the company’s process of turning CO2 into liquid fuels on Bloomberg Television’s “The Pulse.”

Hotter than 850 degrees celsius.

That is the temperature that they used to convert co2 into fuel.

Explain to me exactly, how do you take what many see as a liability and turn that into an asset, liquid fuel?

The idea is to take co2 which is wasted from numerous industries around the world, more than 30 billion tons per year, and using excess heat such as solar energy, taking these and turning them into useful fuel.

Sounds like a wonderful idea.

Does it actually work?

It actually does work.

We started two and a half years ago.

Just this week, we reached our first stage milestone where we operate an apparatus that proves the technology at a rate of 200 times more than we started at about 30 times cheaper than we started.

You're turning solar power into methanol, things like that?

We produce a gas which is a mixture of hydrogen and ceo -- co from which people produce methanol, synthetic gas and other products.

What industries are you targeting?

What is the next step for you?

The next step is to produce a commercial scale product that will go to a pilot and the customer that we are approaching are either gas wells that have a lot of co2 emitted or the steel industry, gas industry and others.

This can improve their efficiency.

To get to that stage, you need money.

How much are you looking to raise?

Up till now you have been financed by an australian company.

That is correct.

We are looking for $10 million to take us to the next stage where we have tested commercial scale reactors that would be ready to be tested.

Alternately what you're doing here is trying to solve two problems.

Fuel is very expensive and people want renewable fuels.

People are concerned about co2 emissions because of its link to global warming.

You are basing your technology can resolve both of these problems in one go.

People have to make money in order to implement these kind of technologies.

The benefit of this technology, it is very high efficiency.

The product can be very profitable.

That is really incentive for customers to buy this product.

You are the only ones doing this right now?

In this way, probably yes.

There are other people trying to do that but we think that our main advantage is the fact that we are presenting 40% efficiency from the heat down to the chemical energy in the gas.

That allows us to be such a profitable product.

And you are looking for $10 million.

Can you quantify the market?

The market size is in the range of billions of dollars.

We are looking for $10 million but it is not the final stage.

We will need more, still a ways to go.

Whenever you invest so much money, the technology has to be very stable and reliable.

We still have a way to go to bring that to that stage.

I hope you look him back to

This text has been automatically generated. It may not be 100% accurate.

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