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FARMINGDALE, NEW YORK - SEPTEMBER 15: A general view of a BP gas station on September 15, 2022 in Farmingdale, New York, United States. Many families along with businesses are suffering the effects of inflation as the economy is dictating a change in spending habits. Bruce Bennett/Getty Images/AFP (Photo by BRUCE BENNETT / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
British multinational oil and gas firm BP plc has led a Series B investment round, with $10 million, in WasteFuel, a California-based biofuels company that expects its first project to be in Dubai.
The investment allows WasteFuel to advance its plans to develop its first waste-to-bio-methanol plant in the UAE, said a statement from BP on Thursday. The project is expected to supply the shipping industry with sustainable bio-methanol to help their transition to alternative fuels.
WasteFuel is a developer of bio-refineries focused on converting municipal solid waste into low-carbon fuels, like bio-methanol. Its existing investors include Maersk, NetJets, Prime Infra, i(x) Net Zero, Marc Benioff’s TIME Ventures, Guy Oseary, and Aileen Getty amongst others, the company said on its website.
WasteFuel last year said it would partner with Averda, a waste management and recycling company, to develop the first commercial-scale municipal waste to renewable methanol plant in the Middle East, which is expected to be in Jebel Ali, Dubai.
(Reporting by Brinda Darasha; editing by Seban Scaria)
