FuelActive has confirmed new investment from the Development Bank of Wales, grant funding from Innovate UK and private equity backing from Adjuvo.

The Welsh startup’s fuel pick-up unit is disrupting the diesel engine and equipment industry, where operators are experiencing incremental costs due to increased maintenance, reduced operating efficiency and breakdowns, caused by contaminated fuel.

The unit is in operation with Caterpillar, Komatsu, Atlas Copco and Volvo. Patent protected in all major markets, it delivers the cleanest fuel available in the tank to the engine fuel system.

Equity investment of £500,000 comes from the Development Bank of Wales, with Richard Thompson and Andrew Critchley from their specialist tech ventures team commenting: "FuelActive has the potential of creating a global CleanTech success story - its ability to positively influence the performance of diesel engines, which will be in use for the next 30 years, could have a real impact on the environment.”

Private equity investment syndicate Adjuvo, which initially invested in FuelActive during 2016, has contributed a further investment of £750,000.

Mark Foster-Brown, chief executive of Adjuvo, said: "FuelActive is now well positioned to realise its full potential with new capital, a major technology evolution imminent and with strengthened leadership."

FuelActive was recently successful in its bid to win an Innovate UK Smart Grant for a project value of £500,000. The grant award will evolve the current technology to add digital capability.

Along with this investment, Nick Massey becomes chief executive, with Martin Leahy taking on the new role of vice chairman. Massey’s background includes private equity stints for Goldman Sachs, with Coca-Cola and PA Consulting Group.

FuelActive began in 1998 through the vision of founder Mike James, an engineer for over 40 years. After designing a solution to fuel contamination, an extensive period of research and development followed in conjunction with universities, government funding and investment from Adjuvo.

Located in Taff's Well, near Cardiff in Wales, FuelActive’s headquarters consists of offices, production warehouse facilities and a technology centre.

The pick-up unit is in use today across the globe, supporting sectors like construction, mining, marine, military, power generation, agriculture and transportation.

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