Prime Infrastructure Capital Inc. (Prime Infra) on Friday welcomed the significant investment of international 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 $10 million in WasteFuel, which is planning to build plants around the world that would convert municipal and agricultural waste into bio-ethanol.
“WasteFuel projects will look to help with the growing volume of global waste whilst advancing the development of lower carbon solutions for hard-to-abate sectors,” a Prime Infra statement quoted Gareth Burns, vice president of BP Ventures, as saying.
“Achieving decarbonization in shipping will require a step-change, and biofuels have a key role to play in helping the industry to decarbonize,” Burns said.
Guillaume Lucci, Prime Infra CEO and president, said the Razon company was “proud to be part of WasteFuel Global.”
Lucci, a director of Waste Fuel, said Prime Infra was ready to “collaborate with industry leaders” to face the challenges of waste 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,” he said.
Aside from being shareholder of Waste Fuel Global, Prime Infra had formed a partnership with the international company to establish a subsidiary, Waste Fuel Philippines, to develop refineries for biofuel in the country.
“Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through Waste Fuel Philippines,” said Lucci in the statement.
“These form part of Prime Infra’s decarbonization goals and strategy to deploy innovative technologies to address the Philippines’ waste problem,” he said.
“The objective remains to maximize resource recovery and minimize the amount of waste to be disposed onsite,” Lucci added.
WasteFuel Philippines eyes its first operational sustainable fuels project by 2025.
TSB
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