Business Case– Neutral Fuels, Dubai


Neutral Fuels was founded by cleantech entrepreneur Karl W. Feilder in 2011. The company transforms waste cooking oil into biofuel, a commercially viable drop-in replacement for the harmful fossil fuel used in diesel engines. Neutral Fuels net-zero biofuel is a clean, green renewable fuel which immediately reduces transport carbon emissions to zero, enabling organisations to instantly reduce their contribution to climate change.


From inception, the direct actions of Neutral Fuels have resulted in a reduction of more than 36.5 million kg of carbon dioxide and equivalents (CO₂e) for customers, including restaurant chains, truck and bus transportation fleets, hotels, the construction industry, the oil and gas industries, and maritime shipping. Neutral Fuels is the largest producer of biofuel in the Gulf region. Headquartered in Dubai, the company operates in the Middle East, India and Africa, and is rapidly extending its operations to other parts of the world.

The Challenge

Over more than a decade, the demand for Neutral Fuels products had increased rapidly but in 2021, the company experienced an even greater jump in demand with the volume of trade doubling within a few months. As part of its strategic planning, the company had all the necessary equipment and capacity to cope with more than the required doubling in production. However, they did not have access to the funds needed to bridge the gap between acquiring raw materials, converting them to the final product, and receiving payment.

The Solution

To support the business Neutral Fuels approached Halliday Growth and sought guidance on using receivables to overcome the medium-term cash flow issue. Some of the faster-growing receivables were acquired by Halliday Growth, releasing much-needed cash that would otherwise have been tied up in working capital.


Neutral Fuels embraced the notion of using working capital solutions to overcome a challenge that was hampering its business growth. This has significantly increased the company’s UAE sales, record of delivery, positive impact on the environment, credibility in the market, and, of course, profits.