Global energy company, BP, through its corporate venture arm, bp ventures, has invested $10 million in WasteFuel Global, a sustainable fuels company of which Prime Infrastructure Capital Inc. has been a part since 2021.
WasteFuel is looking to develop plants across the globe which will convert municipal and agricultural waste into 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,” bp ventures vice president Gareth Burns said in a statement.
Burns added that biofuels have a key role in helping the shipping industry decarbonize.
Bp’s investment in alternative fuel technology is a significant step in decarbonizing the shipping industry and in shaping the future of more sustainable maritime transportation,” Prime Infra president and WasteFuel director Guillaume Lucci said.
Prime Infra also formed a 60-40 partnership with WasteFuel Global subsidiary, WasteFuel Philippines, which will develop biorefinery facilities in the country.
“Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through WasteFuel Philippines… These form part of Prime Infra’s decarbonization goals and strategy to deploy innovative technologies to address the Philippines’ waste problem. The objective remains to maximize resource recovery and minimize the amount of waste to be disposed onsite,” Lucci said.
WasteFuel Philippines looks to operate its first sustainable fuels project by 2025.
