BP has announced a $10 million (€9.1 million) investment with low carbon fuel producer, WasteFuel.
The investment is for the planning to develop a global network of plants to convert municipal and
agricultural waste into bio-methanol. This biofuel could play a significant role in decarbonising hard-to-abate sectors like shipping.
The investment allows WasteFuel to advance its plans to develop its first waste-to-bio-methanol plant in the UAE.
BP and WasteFuel have entered a memorandum of understanding for BP to offtake the produced bio-methanol and for the companies to collaborate on improving bio-methanol production yields and economics.
Gareth Burns, vice president BP ventures says: ‘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…We look forward to working together on WasteFuel’s next stage of growth and market development.’
