California-based biofuels start-up WasteFuel has launched WasteFuel Marine, a renewable fuel solution for the shipping sector.
Perhaps not surprisingly, given that Maersk is an investor in the company, WasteFuel Marine’s initial product will be bio-methanol for containerships.
WasteFuel aims for its marine fuels to reduce CO2 emissions by 95% and nitrogen oxide emissions by up to 80% compared to conventional fuels.
“Methanol has exceptional appeal as a renewable fuel—it can use existing logistics infrastructure, works with proven engine designs and has a lower production cost relative to other renewable fuels,” said Mario De La Ossa, president of WasteFuel. “Our production process optimizes well established production methods to capture and use greenhouse gases found in our waste streams to produce a safe and highly versatile product to tackle the challenge of decarbonizing logistics.”
In addition to green methanol and marine transport solutions, the company has several biorefinery projects underway to produce low-carbon fuels to revolutionize mobility across the transportation sector.
The company has recently closed an oversubscribed fundraising round. In addition to Maersk, investors include Maersk Marc Benioff’s TIME Ventures, i(x) investments, NetJets, Prime Infra, Guy Oseary, and Aileen Getty.