FORMER racing champion Damon Hill is part of a Scottish-led investment syndicate backing a new synthetic fuels company.

Zero Petroleum, the British technology company that produces net zero synthetic fuels by recycling carbon dioxide and water, has raised £200,000 in the seed financing round from Raising Partners Angels, an investor syndicate making its debut investment.

Mr Hill is one of the investors participating via the Raising Partners Angels syndicate, which is a Glasgow-based investment syndicate that focuses on innovative businesses shaping the future “by making a significant impact on people, processes or the planet”.

The syndicate was founded by Raising Partners, a Scottish investment firm that guides start-ups through fundraising, headed by Helena Murphy. Zero Petroleum was founded by Formula 1 engineer Paddy Lowe. Mr Hill said: “We must all rise to the challenge of tackling climate change and the need to transition to more sustainable forms of energy.”

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Ms Murphy said: “We worked directly with Paddy and his team to develop their fundraising strategy, before connecting him with investors within our angel syndicate, which seeks out companies that are challenging the status quo and making a genuinely positive impact."

Also supporting Zero Petroleum is Innovate UK, which has provided a £64,000 grant for further research and development into process optimisation.

“Society has gained immeasurably from the unique advantages of hydrocarbons, and our vision is to be a prime constructor of a fully circular and carbon-neutral supply at scale,”  said Mr Lowe.

“It’s difficult to think of a product that we consume that doesn’t require petroleum, either through production, distribution, or energy output, but we know that if we want to protect the planet and eliminate fossil carbon emissions, we must look towards sustainable alternatives. This financing from Raising Partners Angels will enable us to scale our processes, and prove not only how viable synthetic fuels are, but how critical they are too.”