Press release
bp expands investment in bioenergy, collaborating with US biofuels developer WasteFuel
- bp invests $10 million in WasteFuel, which is planning to develop a global network of plants to convert municipal and agricultural waste into bio-methanol, a biofuel which could play a significant role in decarbonizing 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 & economics.
bp expanded its investment in bioenergy today as bp ventures committed $10 million, leading the Series B investment round, in WasteFuel, a California-based biofuels company that will use proven, scalable technologies to convert bio-based municipal and agricultural waste into lower carbon fuels, such as bio-methanol.
Globally, solid waste production totals about 2 billion metric tons annually and is expected to increase to 3.4 billion metric tons by 2050. WasteFuels 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.
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