WasteFuel, a Los Angeles, CA-based biofuels company, raised $10m in Series B funding.
The round was led by bp ventures. Existing investors included Maersk, NetJets, Prime Infra, i x Net Zero, Marc Benioff’s TIME Ventures, Guy Oseary, and Aileen Getty amongst others.
The company intends to use the funds to advance its plans to develop its first waste-to-bio-methanol plant in the UAE.
Founded by Trevor Neilson and Alejandro Estrada and launched by energy transition investment company i(x) Net Zero plc (AIM London Stock Exchange: IX.), WasteFuel will use scalable technologies to convert bio-based municipal and agricultural waste into lower carbon fuels, such as bio- methanol. Its 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. In hard-to-abate sectors, such as shipping, bio-methanol has the potential to play a significant role in decarbonization. WasteFuel plans to develop multiple bio-methanol plants around the world in collaboration with local strategic partners including waste companies. The company expects its first project will be in Dubai with 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.
