Waste oil biofuel process seeks investment
New technology which uses waste cooking oil to fuel generators supplying renewable electricity to the National Grid has opened to investment from the public.
The patented technology from Living Power changes the used cooking oil into a bioliquid through a low-energy process with no chemical additives, avoiding the carbon emissions of fossil fuels and issues concerning biodiesel produced from crops.
Peer-to-peer investment site Abundance has structured the investment in Living Power in the form of tradable, regulated debentures paying 8 per cent over a seven-year term, with a minimum investment of just £5.
The returns to investors will be produced by the money earned by conventional generators owned by Living Power to help fill gaps in the UK’s electricity supply on the National Grid.
The bioliquid is also eligible for the Renewables Obligation which is a payment made to generators for producing renewable electricity, helping to boost the return for investors.
Abundance cofounder and managing director Bruce Davis said: “This project is a great example of the future of renewables - building on the success of wind and solar with innovation and technology.
“Biofuel has long been a hope for helping to tackle climate change, but has suffered from concerns about the sources of the crops used to make it. But this process overcomes that by using a waste material that is in abundant supply, and provides a positive solution for its disposal.”
Living Power needs to raise £2.47 million from the bond to refinance a loan taken to purchase the generators that are already using the bioliquid to produce energy.
-This article first appeared on Utility Week.
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