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Dubai: Alf Yad Limited LLC, a Dubai-based venture capital fund, announced a venture capital investment in EmBio, which is positioned to be the producer of the first constant supply of high-grade biodiesel in the UAE and the GCC region.
EmBio was conceptualized and originated by the founders of UAE-based Ecobility Energy Solutions (Ecobility), a company dedicated to catalyzing change in the field of private sector sustainable development across three verticals: renewable energy, resource conservation and sustainable buildings. Daman Investments is manager of the fund.
Biodiesel is a non-petroleum fuel that possesses virtually the same properties as petroleum diesel, yet offers clean burning and is renewable. It is the only alternative fuel that has gained widespread acceptance from the automobile industry. Biodiesel can be produced from a variety of organic sources such as vegetable oils, inedible oils and other biomass. Biodiesel is extremely practical as a blending agent and has become a valuable contributor to global initiatives attempting to enhance sustainability and reduce greenhouse gas emissions.
Shehab Gargash, CEO of Daman Investments said: "Alf Yad sees tremendous potential in the renewable energy sector and EmBio is a partner that we are sure will successfully deliver the first of its kind production facility in the GCC. In addition to commercial considerations, EmBio represents the best and highest purpose for which Alf Yad was formed – to assist the development of serious, commercial ventures based here in the region – ventures that will be capable of competing on a global scale. Founded by two young Arab entrepreneurs who left their highly successful and well-established professional careers to develop proprietary sustainability projects in the region, we believe EmBio represents a real achievement in local sustainable development."
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