The world has recognized the critical need to decouple economic growth from resource impact. In particular, Europe is aimed at increasing industrial competitiveness whilst drastically reducing resource and energy inefficiencies. The underlying principle is to develop enabling technologies and solutions along the value chain to “do more with less”.
The following objectives have been proposed:                1. A reduction in fossil-fuel energy intensity of up to 30% from current levels by 2030 through a combination of, for example cogeneration-heat-power, process intensification, introduction of novel energy-saving processes, and progressive introduction of renewable energy sources within the process cycle.        2. By 2030, up to 20% reduction in non-renewable, primary raw material intensity versus current levels, by increasing chemical and physical transformation yields and/or using secondary and renewable raw materials with proven sustainability advantages.        
The possibility to burn glycerol obtained as a by-product in the synthesis of biodiesel is an area where these principles are most relevant since biodiesel along with bioethanol is currently the major biofuel in the market and, in addition, its manufacture is inefficient because not all the oil feedstock is converted into biofuel. The concomitant by-product glycerol is obtained along with fatty acid methyl esters which are the current automotive biofuel.
Many attempts have been conducted in order to burn glycerol obtained as a by-product in the synthesis of biodiesel as a way to obtain renewable energy for burning purposes. However, crude glycerol display unfavourable fuel characteristics and it does not burn consistently in commercial burners.
Agirre I et al. “Glycerol acetals, kinetic study of the reaction between glycerol and formaldehyde”, Biomass and Bioenergy, Pergamon, Amsterdam, NL, Vol. 35, no. 8, pp. 363-3642, discloses a composition resulting from the reaction between glycerol and formaldehyde. The study is aimed at determining kinetic parameters of this reaction by using ionic resins as catalysts.
Ruiz V R et al. “Gold catalysts and solid catalysts for biomass transformations: Valorization of glycerol and glycerol-water mixtures through formation of cyclic acetals”, Journal of Catalysys, Academic Press, Duluth, Minn., US, Vol. 271, no. 2, pp. 351-357, discloses a composition resulting from the reaction between glycerol and formaldehyde. In this case the study is aimed at discovering new catalytic systems (Gold catalysts).
In these both documents the low conversions described must result in compositions that contain, on stoichiometric basis, large quantities (>100 ppm) of formaldehyde.
Therefore unreacted formaldehyde in the form of formaldehyde or a formaldehyde precursor, trioxane, is present in the compositions described therein. This presence of formaldehyde is absolutely not desired since it is well known in the art that, even at low concentrations, is a severe irritating substance, being even carcinogenic to humans after a long-term exposure.
Therefore, although these documents disclose a composition including glycerol and glycerol formal which may be used as a biofuel ingredient, the current industrial standards would never use this toxic composition (including formaldehyde) because the authorities would not approve this product under current regulations
All these problems have prompted the inventors to develop a novel biofuel composition with improved burning characteristics when compared to crude glycerol which fulfill the need for efficient and renewable fuels and is free of toxic components, such as formaldehyde.
It is therefore an object of the present invention to provide a novel non-toxic glycerol-based biofuel formulation which circumvents the inability of crude glycerol to burn consistently in current burners. It is also an object of the invention to provide a procedure to prepare said biofuel. It is a further object of the present invention to show the better burning characteristics of the biofuel described in the present invention as compared to crude glycerol.