British energy giant BP has invested $10 million in WasteFuel Global, a US-based company focused on decarbonization and sustainability. The investment, made through Prime Infrastructure Capital Inc., will help fund the development of plants worldwide that convert waste into bio-methanol. WasteFuel Global, of which Prime Infrastructure Capital is a shareholder, aims to tackle waste challenges and drive decarbonization in the transport sector. The investment from BP is seen as a significant step in decarbonizing the shipping industry and promoting sustainable maritime transportation. According to BP Ventures Vice President Gareth Burns, investing in decarbonization will not only address the issue of growing global waste but also contribute to developing lower carbon solutions for hard-to-abate sectors.
In a related move, Prime Infrastructure Capital has formed a 60-40 partnership with WasteFuel Global to establish a subsidiary called WasteFuel Philippines. The venture aims to develop biorefinery facilities in the Philippines, with the first operational sustainable fuels project expected to be launched by 2025. This initiative aligns with Prime Infrastructure’s strategy to modernize its Materials Recovery Facilities and expand its waste management capabilities. Prime Integrated Waste Solutions Inc., a subsidiary of Prime Infrastructure, recently completed its acquisition of Cebu-based firm ARN Central Waste Management Inc., marking its entry into the waste management sector. The company plans to develop two additional Materials Recovery Facilities in Luzon over the next two years.
WasteFuel Philippines is focused on converting organic waste and agricultural feedstock into green methanol and sustainable aviation fuel. Prime Infrastructure intends to build its first bio-refinery in Cebu City, contributing further to waste conversion and the production of sustainable fuels.
The investment from BP and the collaboration with WasteFuel Global demonstrate the increasing focus on decarbonization and sustainability in various sectors. By investing in projects that convert waste into biofuels, these companies are actively contributing to reducing carbon emissions and addressing waste management challenges. With the growing demand for sustainable solutions, such initiatives are expected to gain momentum and play a significant role in shaping a more environmentally friendly future.
