XFuel receives €7.5 million in funding from the European Innovation Council in most competitive funding round to date

From Left to Right, XFuel team members: Nicholas Ball (CEO & Co-Founder), David Lunn (Head of Science), and José Antonio Pérez (COO)

The European Innovation Council (EIC) selected 71 cutting edge companies for funding, combining grants and equity, following the last 2024 EIC Accelerator cut-off in October. They have been selected among 1211 submitted proposals, out of which 431 have been invited to the jury interviews. It has been the most competitive funding round so far since the launch of the Accelerator under Horizon Europe. 

XFuel was fortunate enough to be one of those selected - being awarded a €2.5 million grant from the EIC Accelerator and a €5 million equity investment from the EIC Fund. This is a major milestone in the company's mission to scale its low-carbon fuel solutions across Europe and beyond.

The selected companies will collectively receive up to €161 million in grants and approximately €226 million in equity. Notably, 79% of the companies will benefit from the full blended finance option, which combines grants and equity investments. Additionally, ten companies opted for grant only and five companies for equity-only funding. The equity investments will be made through the EIC Fund, the EIC’s dedicated investment arm and Europe’s largest deep-tech investor, which typically attracts additional investors and increases the overall investment to more than three times the EIC's original amount.

Read more from the European Innovation Council and SMEs Executive Agency.