Maersk takes a stake in bio-fuel producer
A.P. Moller-Maersk has invested in bio-fuels start-up WasteFuel.
WasteFuel is a California based company 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 to produce sustainable fuels from unrecoverable waste that would otherwise degrade, and release methane and other harmful emissions into the atmosphere.
Decarbonizing supply chains
Maersk believes green bio-methanol can be scaled up to play an important role in decarbonizing supply chains within the next 10-15 years.
With the investment, Morten Bo Christiansen, vice-president and head of decarbonization, A.P. Moller – Maersk, is joining the board of WasteFuel.
“We know that sourcing an adequate amount of green fuel for our methanol fueled vessels will be very challenging, as it requires a significant production ramp up globally,” Christiansen said.
“Collaboration and partnerships are key to scaling the production and distribution of sustainable fuels, and we look forward to doing exactly that with WasteFuel; exploring potential future green solutions not just for our vessels, but also for Maersk aviation and trucking activities.”
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.
Maersk company operates in 130 countries and employs approximately 80,000 people. Maersk Growth is the company’s external innovation arm.