Los Angeles, USA-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, WasteFuel raised USD 10 million in Series B funding. The round took place on July 6, 2023. bp ventures led the financing for the company. Meanwhile, existing investors such as Maersk, NetJets, Prime Infra, i(x) Net Zero, Marc Benioff’s TIME Ventures, Guy Oseary, and Aileen Getty, amongst others, provided the Series B investment.
In addition, bp and WasteFuel entered into a memorandum of understanding. The memorandum allows bp to offtake the produced bio-methanol and to work together to help optimize and improve bio-methanol production.
Purpose of financing for WasteFuel
With the latest financing, WasteFuel seeks to develop multiple bio-methanol plants around the world. It seeks to collaborate with local strategic partners, including waste companies. The company expects its first project will be in Dubai. Meanwhile, the company has a pipeline of additional projects to develop.
What the company’s officials have to comment
Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel, added, “This investment from bp ventures is a significant milestone for WasteFuel as it will help scale the production of bio-methanol to decarbonize the shipping sector. As companies who are reliant on shipping work to reduce their greenhouse gas emissions, it is essential that we dramatically expand the availability of these fuels.”
What the lead investor has to add
Gareth Burns, vice president of bp ventures, said, “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.”
In addition, Philipp Schoelzel, vice president of next-generation biofuels in bp, said, “Working with WasteFuel allows bp to offtake bio-methanol and help optimize production, which could support decarbonizing shipping. bp is in action to produce more biofuels, aiming to deliver around 100,000 barrels per day by 2030 to help decarbonize transport. Investments like this are important as we strive to reach net zero and help our customers decarbonize too.”
About the company
Trevor Neilson and Alejandro Estrada launched the company in 2018. WasteFuel is a next generation sustainable fuels company using proven technologies to help address the climate emergency and revolutionize mobility.
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