Regan Brown
The global alternative fuel market is projected to grow significantly, with an increasing number of companies investing in innovative technologies to reduce emissions and reliance on fossil fuels. Renewable diesel, also known as green diesel, is a key area of focus for several companies. It is made from biomass, vegetable oils, animal fats, or recycled grease and can be used in existing diesel engines without modifications. Leading automotive companies such as Tesla and BMW, energy giants like Chevron, and biofuel producers like ADM and INEOS are among the top players in the alternative fuel market. Additionally, startups such as Alchemr and NDH are making strides in the development of green hydrogen and hydrogen fueling infrastructure. With rising fossil fuel prices and government initiatives to adopt sustainable mobility solutions, the alternative fuel industry is gaining momentum, driving the future of clean energy.
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Renewable diesel
The demand for renewable diesel is growing, and several companies are involved in its manufacturing. Leading players in the North American market include Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.), PBF Energy Inc. (U.S.), Valero Energy Corporation (U.S.), and Gevo, Inc. (U.S.). Neste, in particular, has made significant strides in the renewable diesel space, with its Neste MY Renewable Diesel™ made from 100% renewable raw materials, offering a significant reduction in greenhouse gas emissions compared to fossil diesel.
The renewable diesel market in North America is projected to grow from USD 12.9 billion in 2022 to USD 49.1 billion by 2044, indicating a compound annual growth rate (CAGR) of 7.1%. This growth is reflected in the increasing number of renewable diesel plants in the United States. As of December 2022, there were 16 plants in operation, with a total nameplate production capacity of 2.6 billion gallons. The majority of these plants are conversions of existing petroleum refineries, owned and operated by large energy companies.
The benefits of renewable diesel include its compatibility with existing diesel engines and infrastructure, as well as its reduced emissions. An NREL study found that renewable diesel reduced both carbon dioxide and nitrogen oxide emissions compared to petroleum diesel. Additionally, renewable diesel offers economic benefits, particularly in California, due to the Low Carbon Fuel Standard.
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Sustainable aviation fuel
SAF offers several benefits, including engine and infrastructure compatibility, fewer emissions, and more flexibility. SAF blended with conventional jet fuel can be used in existing aircraft and infrastructure, and 100% SAF has the potential to reduce greenhouse gas emissions by up to 94%, depending on feedstock and technology pathway. SAF is a replacement for conventional jet fuel, allowing multiple products from various feedstocks and production technologies.
There are multiple technology pathways to produce SAF, including hydroprocessed esters and fatty acids, alcohol-to-jet with ethanol as a feedstock, and biological sugar upgrading. ASTM and the Department of Energy (DOE) have outlined standards and specifications for SAF-based fuels, with ASTM D7566 dictating fuel quality standards for non-petroleum-based jet fuel. DOE's Sustainable Aviation Fuel Review of Technical Pathways provides details on various SAF production pathways.
The production and use of SAF offer economic and environmental benefits. Expanding domestic SAF production can create new economic opportunities, improve the environment, and boost aircraft performance. The U.S. aviation industry has enough feedstock to meet projected fuel demand and produce renewable chemicals. Additionally, growing biomass crops for SAF production can benefit American farmers by providing additional income during off-seasons and improving soil quality.
The aviation industry is working towards increasing the use of SAF to achieve net-zero CO2 emissions by 2050. This will require a massive increase in production to meet demand, with the largest acceleration expected in the 2030s as policy support becomes global and SAF becomes competitive with fossil kerosene. Government policies and incentives will play a crucial role in the deployment of SAF, with organizations like IATA encouraging harmonized policies across countries and industries.
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Hydrogen
However, almost all hydrogen fuel currently in production is derived from power generated by coal or gas, and sourcing hydrogen often emits greenhouse gases. Companies are working to produce hydrogen without carbon output and in quantities large enough to serve global energy needs. Power-to-hydrogen projects are using excess renewable electricity to make hydrogen through electrolysis, and several other hydrogen production methods are in development.
Some of the biggest companies in hydrogen production include Air Products, which has a joint venture project with ACWA Power and NEOM Company in Saudi Arabia. The NEOM Green Hydrogen Complex will be powered by 4 gigawatts of renewable power from solar and wind to produce 600 metric tons per day of carbon-free hydrogen. Air Products is also building the first large-scale, public liquid hydrogen refuelling station for trucks in Europe.
Other major hydrogen companies include First Hydrogen, which is working on a 'Hydrogen-as-a-Service' model, consisting of clean green hydrogen fuel, technologically advanced refuelling stations, and zero-emission commercial vehicles. Lhyfe, a France-based European group, is dedicated to the energy transition and is a producer and supplier of green and renewable hydrogen. They have designed the first floating green hydrogen production site, which operates at sea.
AMEA Power, a Dubai-based developer, owner, and operator of renewable energy projects, has signed an agreement with the Government of Egypt to develop a 10,000 MW green hydrogen project, supporting Egypt's long-term vision of becoming a hub for green hydrogen production. Linde is one of the world's leading suppliers of PEM electrolyser technologies, creating end-to-end, integrated green H2 solutions and generating grey, blue, and green hydrogen. Westport is also working with Swedish automaker Volvo Group to commercialise its HPDI fuel system technology for long-haul and off-road applications that will use hydrogen in the future.
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$108.99
Ethanol
Several companies are actively involved in the ethanol sector. Valero Energy Corporation, for example, maintained a significant ethanol production capacity across its 13 ethanol plants in the Mid-Continent region of the US in 2023. The company has also ventured into carbon capture and storage projects, showcasing its commitment to sustainability and emission reduction. Another key player in the ethanol industry is POET, LLC, which expanded its production capabilities with an upgrade at its Marion, Ohio facility in 2017, doubling its ethanol output. POET is also engaged in carbon capture initiatives to reduce biofuel emissions and aims for carbon neutrality by 2050.
Raízen, a joint venture between Shell and Cosan, is making significant advancements in cellulosic ethanol production. In 2023, Raízen invested approximately $395 million to construct two new cellulosic ethanol plants in Brazil, utilizing sugarcane bagasse to produce ethanol and reduce carbon emissions. Archer Daniels Midland Company (ADM) is another notable company in the ethanol space, producing ethanol and biodiesel for the alternative fuel market.
The global push for sustainability has accelerated the momentum of the alternative fuel industry, including ethanol. Ethanol's market is projected to reach approximately USD 163.9 billion by 2032, up from USD 102.8 billion in 2022. Government policies, environmental concerns, and technological advancements are driving factors in the growth of the ethanol market.
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Electric vehicles
There are several types of EVs on the market, including:
- Plug-in hybrid electric vehicles (PHEVs) which use batteries to power an electric motor, as well as another fuel, such as gasoline or diesel, to power an internal combustion engine. Examples include the Toyota Prius and the Chevy Volt.
- Extended-range electric vehicles, which use batteries charged by plugging into an outlet. When the battery power fades, an onboard gasoline generator switches on to recharge the batteries.
- Compressed-air vehicles, which use the expansion of compressed air to drive the engine's pistons. These vehicles also have electric motors on board to compress the air, but they are not considered fully electric as the motors do not directly power the wheels.
Several companies are leading the way in EV innovation. Tesla, headquartered in California, is a top manufacturer of pure electric vehicles. BYD Auto, a Chinese battery manufacturer, released the F3DM to the Chinese fleet market in 2008 and began sales to the general public in 2010. The company has also introduced its new Blade Battery technology, which enhances battery safety and efficiency. Nissan Motor Corporation, part of the Renault-Nissan-Mitsubishi alliance, offers the Nissan Leaf, one of the most popular mass-market EVs. Nissan has also recently unveiled the Ariya, a new all-electric SUV with autonomous driving technology and a range of up to 300 miles. Toyota Motor Corporation also offers a range of alternative fuel automobiles, including plug-in hybrid and fuel cell electric vehicles.
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Frequently asked questions
Several companies are making alternative fuel diesel, including renewable diesel and biodiesel. These include:
- INEOS O&P USA: A subsidiary of INEOS, a global chemicals company, that produces ethanol.
- Cosan: A Brazilian multinational company with a strong presence in the alternative fuel market, particularly in ethanol production.
- Tesla: A manufacturer of pure electric vehicles.
- BMW
- Chevron Corporation: An energy company investing in renewable energy sources such as biofuels, hydrogen, and carbon capture technologies.
- ADM: A biofuel producer.
- Alchemr: A company making green hydrogen a reality with its low-cost water electrolyzers.
Renewable diesel is a biomass-derived fuel that is chemically similar to petroleum diesel but has a reduced carbon footprint. It is made from fats and oils, such as soybean oil or canola oil, and can be used in existing diesel engines without modification.
Biodiesel is a renewable fuel derived from vegetable oils, animal fats, or recycled grease. It is suitable for use in diesel engines and reduces greenhouse gas emissions compared to traditional diesel.
