Investible backs UNSW hybrid hydrogen startup transforming diesel fuel

A cleantech startup hoping to replacing the amount of diesel fuel in heavy-duty vehicles and machinery by up to 90% has been backed early-stage VC firm Investible.

The level of pre-Seed funding for DeCarice from Investible’s Climate Tech Fund was not disclosed.

DeCarice was founded in 2023 by engine industry veteran Goran Bozic, and Professor Shawn Kook, director of the UNSW Engine Research Laboratory. They were part of last year’s UNSW Founders Climate 10x Accelerator and are commercialising UNSW research in hydrogen-diesel dual-fuel engines.

Goran Bozic and Prof Shawn Kook with their dual-fuel hydrogen-diesel engine prototype

The hydrogen injection technology they’ve developed has the potential to reduce carbon emissions by up to 85%, tackling difficult-to-decarbonise sectors such as mining, maritime, and heavy transportation.

With increasing global demand for green hydrogen, particularly from nations such as Japan and South Korea, DeCarice is well-positioned to play a critical role in the decarbonisation efforts of industries worldwide. The company is already garnering interest from major engine manufacturers and industrial diesel fleet operators, who recognize the practical benefits of this innovative technology.

Bozic, DeCarice’s CEO, said the tech offers significant emission reductions without compromising on engine performance and has been rigorously tested, peer-reviewed and patented.

“The team at DeCarice is excited to partner with Investible as we scale our hydrogen engine technology globally,” he said.

“This investment will enable us to accelerate our commercialisation efforts and bring our solution to market, helping industries transition to cleaner fuel sources.”

Investible investment manager Ben Lindsay said DeCarice is the Fund’s 29th investment in less than three years, making them one of APAC’s most active investors in climate tech.

“Investible is thrilled to support DeCarice as they tackle one of the most pressing challenges in the transition to a net-zero economy,” he said.

“The ability to retrofit existing diesel engines with DeCarice’s hydrogen injection technology provides a scalable, near-term solution for reducing emissions in sectors where the electrification of big and heavy things is extremely challenging.”