CarboNGV Ltd

**Product and the concrete problem.** CarboNGV was formed to address two linked infrastructure problems: aviation needs lower-carbon drop-in fuel, while industrial and municipal systems generate heterogeneous waste streams that are difficult to turn into consistent, valuable products. The company is developing a process that converts available waste materials and other feedstocks into renewable fuels, with sustainable aviation fuel as the first public application. That matters because SAF can be blended into existing aviation fuel systems without requiring airlines to replace their aircraft, but production is constrained by feedstock availability, process economics, fuel qualification, and the ability to build plants near reliable inputs. CarboNGV presents its technology as a way to use a broader set of waste sources while producing green products and reducing carbon-dioxide emissions. The venture is not merely a carbon-credit software business: its intended asset is a chemical conversion process and the industrial plant needed to run it. Public materials also describe a carbon-dioxide-to-SAF collaboration, but the exact relationship between the waste-feedstock route and the CO2 route is not fully disclosed and should be resolved in technical diligence.

**Core technology and how it works.** The public technical description centers on catalytic processing with improved efficiency, backed by more than a decade of research at Ben-Gurion University of the Negev's Blechner Center for Industrial Catalysis and Process Development. Catalysts are used to promote the chemical transformations needed to convert carbon-containing inputs into fuel-range molecules, while the process is designed to contain unwanted by-products more effectively than older pathways. The company and its academic partners have not published a complete process flow diagram, catalyst formulation, mass balance, energy balance, or independent yield data, so it would be wrong to infer a specific Fischer-Tropsch, alcohol-to-jet, or power-to-liquid configuration from the phrase catalytic process alone. Public reporting does establish the engineering intent: accept a diversity of waste feedstocks, improve selectivity and efficiency, and turn them into SAF or other renewable fuels rather than treating them as disposal liabilities. The technology is described as patent-backed by Blechner Center leadership, while the relevant patent family, claims, freedom-to-operate position, catalyst lifetime, and scale-up history remain items for document-level review.

**Market, customers, and go-to-market.** CarboNGV's immediate market is the fuel market, with SAF as the clearest beachhead. The commercial chain includes waste owners and aggregators, refineries and fuel producers, airlines and airport ecosystems, industrial partners able to host demonstration equipment, and governments implementing aviation decarbonization mandates. The company was established as a joint venture between Ralco Group's investment arm and BGN Technologies, the technology-transfer company representing Ben-Gurion University, giving it both an industrial sponsor and an academic commercialization channel. Its first public plan was to build a demonstration plant and begin SAF production in 2025, but the sources reviewed do not provide current evidence that the plant reached operation, achieved fuel qualification, or generated recurring revenue. A rational go-to-market path would therefore begin with a feedstock-specific pilot, third-party fuel and lifecycle testing, and an offtake or co-development agreement before a larger commercial plant. The disclosed 2024 collaboration process with India's Bharat Petroleum Corporation adds an international refinery and energy-security channel, although the public filing describes an NDA and collaboration initiation, not a purchase order or commercial deployment.

**Traction, funding, and third-party validation.** CarboNGV has several meaningful validation signals for a very early industrial company. Ralco disclosed an investment of $2.4 million when the venture was formed in February 2024, supporting commercialization of Blechner Center research. Ben-Gurion University's president's report later recorded the Ralco and Blechner partnership as a formal joint company, while Israel Innovation Authority records identify CarboNGV as a 2023-founded Israeli company with five employees and a Seed-stage Startup Fund award in 2026. The Authority describes the technology as turning waste materials into renewable fuels through a more efficient catalytic process and identifies Arie Sussely as CEO and co-founder and Tomy Hos as CTO. Bharat Petroleum's 2025 business-responsibility report records a September 2024 NDA with CarboNGV for work on converting CO2 to SAF, which is stronger than a directory listing but still not evidence of a paid contract. The public evidence therefore supports a funded R&D venture with institutional and industrial sponsorship, not yet a validated commercial fuel producer. There are no public figures for revenue, unit economics, certified fuel output, plant uptime, or contracted offtake.

**Founders and team background.** The operating team combines an experienced commercial lead with an academic catalysis base. Israel Innovation Authority records identify Arie Sussely as CEO and co-founder and Tomy Hos as CTO. Ben-Gurion University and Israel21c describe Sussely as having more than two decades of service to the country before taking the CEO role, but do not provide a complete employment history that should be treated as a verified biography. The scientific foundation comes from Professor Moti Herskowitz and the Blechner Center, whose research program supplied the process technology and whose leadership described it as supported by a patent portfolio. BGN Technologies contributes the technology-transfer and venture-formation function, while Ralco contributes industrial capital and a business platform. The official company website currently exposes only a launch-soon page, so it does not provide a full team page, headcount breakdown, laboratory capabilities, or board list. Five employees is the best public headcount figure, and the team should be evaluated as a compact founder-plus-lab venture whose main organizational challenge is converting academic process knowledge into an independently operated, certifiable industrial system.

**Competitive dynamics.** CarboNGV faces competition from several distinct pathways rather than one directly identical rival. LanzaJet (alcohol-to-jet SAF plants using ethanol intermediates) has a more mature commercial scale-up position; Fulcrum BioEnergy (municipal-solid-waste-to-fuels gasification and synthesis) competes for waste feedstocks and low-carbon aviation fuel buyers; Velocys (Fischer-Tropsch reactors and modular waste-to-fuels systems) competes on distributed synthetic-fuel plants; Twelve (electrochemical CO2 conversion into fuels and chemicals) represents the carbon-utilization route; and established refiners and fuel companies can adapt hydroprocessed-esters-and-fatty-acids or other approved SAF pathways with stronger balance sheets and certification teams. CarboNGV's potential edge is the combination of feedstock flexibility, catalytic efficiency, an Israeli academic IP base, and a venture structure connected to an industrial group. That is a credible positioning hypothesis, not a proven moat. It will only become defensible if CarboNGV demonstrates stable performance across dirty real-world feedstocks, predictable product quality, lower lifecycle cost, catalyst durability, and a path through ASTM qualification and aviation procurement.

**Defense, security, and resilience dual-use relevance.** CarboNGV's core output, aviation fuel, is inherently dual-use because the same category of qualified fuel supports civil aviation, military aviation, emergency logistics, and strategic airlift. The resilience case is broader than emissions reduction. A process that can use locally available waste or captured carbon inputs could diversify fuel supply, reduce exposure to imported crude and centralized refining, provide a disposal route for difficult wastes, and give remote or resource-constrained facilities an additional pathway to produce energy-dense fuel. This is relevant to Israel and allied countries that treat aviation fuel and industrial feedstocks as strategic commodities. The public record also shows engagement with Ralco, Ben-Gurion University's technology-transfer system, the Israel Innovation Authority, and Bharat Petroleum, which makes the energy-security thesis concrete enough to monitor. Calibration is essential: CarboNGV discloses no Ministry of Defense contract, military fuel qualification, air-force trial, NATO standard approval, or defense customer. Its dual-use score reflects the transferable fuel technology and supply-chain relevance, not evidence that a fielded defense capability already exists.

**Growth stage, trajectory, and key diligence risks.** CarboNGV is best classified as early stage. Its legal entity dates to 2023, the venture was publicly introduced in 2024, the Israel Innovation Authority reports five employees and a 2026 Seed award, and the main public milestones remain research commercialization, an early demonstration-plant plan, and collaboration rather than certified production. The trajectory is attractive if the company can move from university-originated chemistry to a bankable industrial module, but the risks are substantial: feedstock composition can change yields and catalyst life; process energy requirements may erase lifecycle benefits; SAF must satisfy strict fuel-property and sustainability rules; pilot results may not translate to continuous operation; plant construction demands more capital than the disclosed early financing; and waste logistics can be harder than laboratory chemistry. The $2.4 million Ralco investment and Innovation Authority support reduce early financing risk but do not establish commercial economics. Key diligence gates are an operating pilot, independent carbon and fuel analysis, a complete mass and energy balance, catalyst replacement assumptions, patent claims and freedom to operate, a qualified offtake partner, and evidence that the 2025 demonstration target was met or has a credible revised schedule.