WasteFuel Raises Fresh Capital in Series B Fundraise and Announces Collaboration with bp to Advance Sustainable Energy for Global Shipping Industry
July 6, 2023
We are thrilled to announce two significant milestones on our path to assist in global decarbonization: the first close of a Series B fundraise, as well as an agreement with bp to collaborate on improving renewable fuel production for the maritime transportation sector.
As you are aware, we founded WasteFuel to solve two growing global crises: the need to decarbonize transportation as quickly as possible at massive scale, and the need to reduce waste. We address these challenges by converting municipal and agricultural waste into low-carbon fuels.
The capital from our Series B fundraise will be used to finance the further development of a global network of low-carbon bio-methanol facilities, the first of which is anticipated to be in Dubai, to supply global transportation leaders with sustainable bio-methanol to accelerate their transition to alternative fuels.
We’ve also announced that we have entered a partnership including a memorandum of understanding with bp for the offtake of our bio-methanol and a technical collaboration to improve bio-methanol production efficiency, yields & economics. As part of this agreement, we will be able to leverage bp’s proprietary technology to help optimize and improve our low-carbon, bio-methanol production.
This is important news that reflects the significant opportunity ahead as we work diligently to drive the transition to a net-zero economy. It is also significant because strategic partnerships like this one are critical to address the waste and climate crises. To create real and lasting change, we need to meet industries where they are, provide sufficient supply of alternative fuels to enable their transitions, and leverage all the operational and financial resources we can to move as quickly as possible.
WasteFuel’s existing investors include Maersk, NetJets, Prime Infra, i(x) Net Zero, Marc Benioff’s TIME Ventures, Guy Oseary, and Aileen Getty amongst others, and we are happy to welcome bp to the WasteFuel family.
This has also been an exciting week, not just for WasteFuel, but also the entire Maritime sector. The International Maritime Organization’s (IMO) Marine Environment Protection Committee, or MEPC, is expected to make final decision on the new targets to achieve net-zero emissions in the shipping sector. It is largely anticipated that the new target will be for the shipping sector to reach net-zero by 2050. The transportation sector is one of the largest sources of carbon emissions and is also on the leading edge of reform, as individual companies and global trade groups set ambitious goals and push towards decarbonization. Today, over 90% of all consumer products are transported over water and, in the effort to reach net-zero, some of the biggest companies in the shipping industry are converting to bio-methanol-ready ships. Research shows that maritime emissions could be cut by between a third and a half this decade by using already available techniques, including bio-methanol.
Capitalizing on its unique IP portfolio and strategic partnerships, WasteFuel is working to lead the net-zero transition of the maritime transportation sector and has already made significant gains.
Some of our recent highlights include:
Launch of WasteFuel Methanol Module™, designed to produce up to 100 metric tons per day of fuel grade methanol in a modular fashion to enable cost-effective, quick scaling.
Announcement of strategic partnership with Averda, the leading end-to-end waste management, treatment and recycling company in emerging markets, including the development of the first commercial scale municipal waste to renewable methanol plant in the Middle East.
Today, 2 billion metric tons of municipal solid waste are created annually, and the World Bank estimates the world overall waste generation will increase to 3.4 billion metric tons by 2050.[1] Compared to conventional fuels, bio-methanol cuts carbon dioxide emissions by up to 95%, reduces nitrogen oxide emissions by up to 80%, and eliminates sulfur oxide and particulate matter emissions.[2]
bp and WasteFuel are both members of the Sustainable Markets Initiative (SMI).
About Sustainable Markets Initiative (SMI):
The SMI is helping to lead the way for a just transition to a more sustainable future by putting Nature, People and Planet at the heart of global value creation. Across the world we are seeing the increasingly devastating impact of climate change. To accelerate delivery on a green and just transition, the SMI recognizes, and will continue to leverage, the power of public-private-philanthropic partnerships. The SMI’s power to convene top organisations from industry and the financial services, alongside governments, is the key to unlocking delivery of this transition. The work of the SMI centers around the Terra Carta, a framework launched by His Majesty King Charles III, in his former role as The Prince of Wales to put Nature, People and Planet at the center of our economies. For more information visit: https://www.sustainable-markets.org/.
