Prime Infrastructure Capital Inc. (Prime Infra) is optimistic of more decarbonization projects pursued in the Philippines after oil industry giant BP Ventures invested $10 million in WasteFuel Global.
BP Ventures, corporate venture arm of BP, announced its investment in WasteFuel and the plan to develop facilities that will convert municipal and agricultural waste into bio-methanol.
Prime Infra is a WasteFuel Global shareholder and partner in subsidiary WasteFuel Philippines that would develop biorefinery facilities eyeing its first operational sustainable fuels project by 2025.
Gareth Burns, vice president at BP Ventures, said the investment will help push decarbonization efforts in the shipping industry where “biofuels have a key role to play in helping the industry to decarbonize.”
Guillaume Lucci, president and chief executive officer at Prime Infra and director at WasteFuel, said 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.”
“Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through WasteFuel Philippines. 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,” Lucci added.
WasteFuel Philippines targets to develop its first biorefinery in Cebu City to convert organic waste and agricultural feedstock into fuels such as green methanol and sustainable aviation fuel.
