Maersk invests in bio-methanol startup WasteFuel
Three weeks after the announcement of an e-methanol sourcing agreement in Europe (earlier post), A.P. Moller – Maersk has invested in California-based WasteFuel, a start-up focused on turning waste into sustainable aviation fuel, green bio-methanol, and renewable natural gas. This investment is made through Maersk Growth, the corporate venture arm of A.P. Moller – Maersk.
Maersk’s investment will enable WasteFuel to develop biorefineries that utilize the most effective technologies available to produce sustainable fuels from unrecoverable waste that would otherwise degrade, and release methane and other harmful emissions into the atmosphere.
Maersk is confident that green bio-methanol is one of the promising fuels of the future as it can be scaled up and play an important role in decarbonizing supply chains within the next 10-15 years. For each feedstock and project, Maersk evaluates its sustainability as well as the emission reductions, using lifecycle analysis including all greenhouse gases.
Sourcing an adequate amount of green fuel for methanol fueled vessels will be very challenging, as it requires a significant production ramp up globally. Collaboration and partnerships are key to scaling the production and distribution of sustainable fuels, Maersk said.
WasteFuel utilizes proven, scalable technologies to convert municipal (trash) and agricultural waste into low-carbon fuels, renewable natural gas, and green methanol. The company says it has developed technology pathways to meaningfully improve yields and further reduce emissions.
WasteFuel is also developing projects in Asia and the Americas including a biorefinery in Manila, Philippines, to produce low-carbon fuels. The company has announced an offtake agreement with NetJets—the world’s largest private jet company owned by Berkshire Hathaway.
With the investment, Morten Bo Christiansen, VP and Head of Decarbonization at A.P. Moller – Maersk, is joining the Board of WasteFuel.