BP Ventures to invest $10 million in WasteFuel – EQ Mag
BP Ventures has committed $10 million, leading the Series B investment round, in WasteFuel, a California-based biofuels company.
WasteFuel uses technologies to convert bio-based municipal and agricultural waste into lower carbon fuels, such as bio-methanol.
Globally, solid waste production totals about 2 billion metric tons annually and is expected to increase to 3.4 billion metric tons by 2050. WasteFuel’s deployment of anaerobic digestion and methanol production technologies will convert municipal and agricultural waste into viable lower emission alternatives to traditional fuels, like bio-methanol.
“WasteFuel projects will look to help with the growing volumes of global waste, whilst advancing the development of lower carbon solutions for hard-to-abate sectors,” Gareth Burns, vice president bp ventures, said.
WasteFuel plans to develop multiple bio-methanol plants in collaboration with local strategic partners including waste companies. WasteFuel expects its first project will be in Dubai and the company has a pipeline of additional projects to develop.
BP Ventures has committed $10 million, leading the Series B investment round, in WasteFuel, a California-based biofuels company.
WasteFuel uses technologies to convert bio-based municipal and agricultural waste into lower carbon fuels, such as bio-methanol.
Globally, solid waste production totals about 2 billion metric tons annually and is expected to increase to 3.4 billion metric tons by 2050. WasteFuel’s deployment of anaerobic digestion and methanol production technologies will convert municipal and agricultural waste into viable lower emission alternatives to traditional fuels, like bio-methanol.
“WasteFuel projects will look to help with the growing volumes of global waste, whilst advancing the development of lower carbon solutions for hard-to-abate sectors,” Gareth Burns, vice president bp ventures, said.
WasteFuel plans to develop multiple bio-methanol plants in collaboration with local strategic partners including waste companies. WasteFuel expects its first project will be in Dubai and the company has a pipeline of additional projects to develop.
BP and WasteFuel have entered a memorandum of understanding for BP to offtake the produced bio-methanol and to work together to help optimize and improve bio-methanol production.
Bioenergy is one of BP’s five transition growth engines, in which the company plans to invest heavily through this decade.
The transition growth engines – which also include convenience, electric vehicle charging, hydrogen and renewables & power – will help drive BP’s transition to an integrated energy company and delivery of the company’s net zero ambition.
BP is in action to produce more biofuels, aiming to deliver around 100,000 barrels per day by 2030, to help decarbonize transport. Investments like this are important as we strive to reach net zero and help our customers decarbonize too, Philipp Schoelzel, vice president of next generation biofuels in bp, said.
Source: PTI
