Andrew Baird
Arlington, VA (USA)
Role(s):
Other
Compliance Sea Fuels
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Startup
Location:
Arlington
Industry:
Other
Year Founded:
2019
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
"C" Corporation
Description:
Compliance Sea Fuels Corp is a start-up aiming to build a 50,000 bpd facility in Charleston, SC to make the new, high-in-demand 0.5% sulfur sea fuel.
We use patented process engineering (Ultra-Fuels by Polaris Engineering) and target a short-fall of economical low-sulfur sea fuel along the U.S. East Coast. A plant using the identical technology is up-and-running successfully in Galveston. We also sell off 95% of our CO2, so we'll be "cleanest" facility in the United States.
At the moment, we need to raise $250 K in Seed Round capital (convertible instrument or SAFE). We need the funds to enter the Department of Energy's Loans Program Office loan guarantee program. We successfully pitched and have been accepted to enter the loan guarantee process, under which the DOE essentially underwrites 80% of our Project cost by guaranteeing a low-interest loan made by a large, commercial bank, whom we have identified.. We as developers are responsible for finding equity partners to fund the remaining 20% of Project Cost. With the US government underwriting so much of the Project Cost, the MOIC to our equity partners will be handsome.