Green & Transformative Tech Startup FuelGems Raises $900K

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GreenTech startup FuelGems announced the completion of a successful funding round that raised a total of $928,690. The fundraising was carried out through Wefunder, with primary investment from Austin-based venture capital fund and startup accelerator Sputnik ATX.

FuelGems’ revolutionary fuel additive uses nanoparticles to transform the operation of diesel and gasoline-powered engines. With the FuelGems additive, carbon emissions drop by 9%, poisonous carbon monoxide emissions by 15%, and the release of unburnt hydrocarbons and other dangerous particulate matter falls by up to 50%. Fuel efficiency also rises by up to 9%.

FuelGems’ additive is cost-effective, adding just 2 cents onto the cost of a gallon of gasoline, and requires only a microdose of 1-5 grams for 260 gallons of fuel. The company forecasts $400+ million revenue by year 6 of operations, thanks to widespread public concern about the impact of vehicle fumes on climate change and public health.

The strength of FuelGems’ solution is underscored by the amount of interest and traction the startup is already seeing from multi-billion-dollar oil and gas corporations like BP British Petroleum, Suncor, and Marubeni, as well as from the Australian Department of Defense.

Sputnik invested $50,000 in FuelGems before the Wefunder got underway, and then added another $35,000 during the course of the Wefunder, bringing their total investment to $85,000. The partners at Sputnik unanimously agreed to support FuelGems after evaluating the company’s unique value proposition. They are in a unique position to assess FuelGems’ technology and capabilities, thanks to Dr. Oksana Malysheva, managing partner at Sputnik, who has a PhD in physics. It was Dr. Malysheva who evaluated FuelGems’ technical abilities, and she was convinced by the scientific efficacy of the FuelGems solution.

Volodymyr Khmurych, an angel investor and COO of UFuture, made a personal investment in FuelGems by taking a lead investor role in the Wefunder campaign. He said, “Their team and product will change the world when it comes to using gasoline and diesel. FuelGems will save lives…What I love even more is the fact that such a small amount of nanoparticles is needed to treat fuel. This lets them price multiple times cheaper than other fuel additives and win a huge market share very quickly…I believe the company has incredible growth ahead and I am very excited to get in with FuelGems at an early stage and to be the lead investor in this deal.” Additional angel investors in FuelGems have backgrounds from Shell, Tesla, Battery Ventures and Sierra Ventures.