ImpactAlpha, January 29 – Dutch alternative energy company GoodFuels launched five years ago to introduce sustainable plant-based biofuels to the heavy transport and shipping industries, which play a big role in energy-related greenhouse gas emissions. GoodFuels says its alternative fuels can cut fuel-based carbon emissions by 75% to 100%.
Dutch impact investor Social Impact Ventures took an undisclosed stake in the company in 2018. Less than two years later, GoodFuels has been acquired by the renewables arm of FinCo Fuels Group.
FinCo isn’t a clean fuels company (it owns Gulf, and BP-branded fuel retailer Dalhuisen), but the company couches its long-term success in “offering its customers a portfolio of fuels with a reduced carbon footprint.”
“We believe that in FinCo, we have found the right partner to create a responsible exit and take Goodfuels and its impact to the next level,” Social Impact Ventures wrote in a recent newsletter. As part of the acquisition, FinCo committed to reporting on GoodFuels’ established impact targets.
GoodFuels’ milestones since Social Impact Ventures invested include backing Dutch shipping company Boskalis in rolling out the first 100%-biofuel dredging vessel and helping OCEANDIVA, a company that hosts boat-based corporate events, convert to biofuel-powered ships.