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)