Back to news articlesPrime Infrastructure Capital Inc. (Prime Infra) on Friday welcomed the significant investment of energy giant BP in sustainable fuels company WasteFuel Global. Prime Infra, the infrastructure arm of the Razon Group with operations in waste management, energy and water, has been part of WasteFuel Global since 2021.
Bp’s corporate venture capital arm, bp ventures, announced an investment of USD$10-million in WasteFuel, which is planning to develop plants around the world that will convert municipal and agricultural waste into bio-methanol.
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.”
“We are proud to be part of WasteFuel Global and to collaborate with industry leaders that tackle waste challenges and drive the decarbonization of the transport sector. Bp’s investment in alternative fuel technology is a significant step in decarbonizing the shipping industry and in shaping the future of a more sustainable maritime transportation,” said Guillaume Lucci, President and CEO of Prime Infra and Director of WasteFuel.
In addition to being a shareholder of WasteFuel Global, Prime Infra earlier formed a 60-40 partnership with the company to establish a subsidiary, WasteFuel Philippines, that would develop biorefinery facilities in the Philippines.
“Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through WasteFuel Philippines,” said Lucci. “These form part of Prime Infra’s decarbonization goals and strategy to deploy innovative technologies to address the Philippines’ waste problem. The objective remains to maximize resource recovery and minimize the amount of waste to be disposed onsite.”
WasteFuel Philippines eyes its first operational sustainable fuels project by 2025.
