FuelGems uses carbon-based nanoparticles as a fuel additive to make gasoline and diesel engines more efficient and cleaner-burning.
Nextbigfuture interviewed FuelGems CEO Kirill Gichunts. Kirill was a managing Partner of a VC accelerator fund and he has grown 15 start-ups and achieved exits.
The additive enables engines to be cleaner-burning which significantly reduces emissions. They have done case studies with Coventry University and other institutions. The studies show that carbon dioxide emission is reduced by 8% and particulate matter is also reduced. The additive counters the corrosive effects of ethanol and extends engine life. This reduces repair costs.
They are targeting the refinery level in order to achieve the fastest impact. The oil and gas industry will remain the largest share of the energy and transportation system for decades. Lubrication improvement and efficiency will provide savings of over $50 billion per year. The improvement will be largest in Hawaii and Japan which use diesel for a large part of their power generation.
They have raised over $900,000 via Wefunder and a venture capital fund Sputnik ATX.
Oil companies use fuel additives but most are expensive and only offer engine cleaning effects. FuelGems will provide significant and unique reductions in fuel consumption for consumers and society and lower costs at the refinery level.
FuelGems is in discussions for pre-pilot and pilot stage implementations with 4 of top 40 largest Oil&Gas companies including, BP, Marubeni, Suncor Energy, PKN Orlen and Australian Department of Defense.
Oil companies will be able to use an additive that costs less than 2 cents per gallon and they will be able to sell a ultrapremium clean blend of fuel that improves fuel economy by up to 8%, extends engine life and reduces emissions. Premium grades of fuel are already sold at the pump and this would be a new level.
The world will still be using oil for decades. FuelGems will make it significantly cheaper and cleaner for the world to use oil.
Written By Brian Wang, Nextbigfuture.com