bp announces investment in US biofuels developer WasteFuel
In the UK, bp said it has expanded its investment in bioenergy as bp ventures invested $10 million in WasteFuel, a California-based biofuels company that will use scalable technologies to convert biobased municipal and agricultural waste into lower carbon fuels.
“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. Achieving decarbonization in shipping will require a step-change, and biofuels have a key role to play in helping the industry to decarbonize. We look forward to working together on WasteFuel’s next stage of growth and market development,” said Gareth Burns, vice president of bp ventures.
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.
Category: Fuels
