WasteFuel, a Los Angeles, CA-based biofuels company, raised $10m in Series B funding.
The round was led by bp ventures. Existing investors included Maersk, NetJets, Prime Infra, i(x) Net Zero, Marc Benioff’s TIME Ventures, Guy Oseary, and Aileen Getty amongst others.
The company intends to use the funds to advance its plans to develop its first waste-to-bio-methanol plant in the UAE.
Founded by Trevor Neilson and Alejandro Estrada and launched by energy transition investment company i(x) Net Zero plc (AIM London Stock Exchange: IX.), WasteFuel will use scalable technologies to convert bio-based municipal and agricultural waste into lower carbon fuels, such as bio- methanol. Its 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. In hard-to-abate sectors, such as shipping, bio-methanol has the potential to play a significant role in decarbonization. WasteFuel plans to develop multiple bio-methanol plants around the world in collaboration with local strategic partners including waste companies. The company expects its first project will be in Dubai with 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.
FinSMEs
07/07/2023