WasteFuel and Maersk Announce Landmark Agreement Accelerating Shipping Industry Decarbonisation
WasteFuel and Maersk have today announced a commercial-scale bio-methanol partnership, which is set to help accelerate the decarbonisation of the shipping sector.
Maersk intends to buy 30,000 tons per year of WasteFuel bio-methanol, an order to help fulfil the demand of its 12 new green methanol powered ships planned to be operational by 2024.
Initially this green methanol will be made from the conversion of municipal waste in South America by 2024, but both partners expect expanding projects and production of green methanol further.
This announcement builds upon Maersk Growth’s investment in WasteFuel last year, under Its decarbonisation theme, as part of Maersk's strategy to reach net zero by 2040.
This partnership has significant implications for some of the largest consumer product businesses in the world, with green fuel set to reduce the emissions footprint of the products bought and shipped globally.
Speaking from Copenhagen, Denmark, Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands, A.P. Moller – Maersk said, “To drive the massive scale-up of green fuels we need to transition towards decarbonisation, production must increase in time. Green methanol is the only market-ready sustainable fuel available today for shipping and production must be accelerated through collaboration across the ecosystem and around the world. That is why these partnerships mark an important milestone to get the transition to green energy underway.”
Speaking from WasteFuel’s headquarters in Los Angeles, California, Trevor Neilson, Co-founder, Chairman and CEO said, "Last year, many of the world’s largest companies including Amazon, Ikea, Apple, Nestle and Patagonia pledged to reach net-zero emissions by 2050. Ships transport nearly as much as 90% of globally traded goods by volume and produce nearly 1.1 billion tons of carbon dioxide emissions, which rivals the annual output of Germany, the world’s sixth-largest emitter. Without green fuel solutions, corporate net-zero commitments will be impossible to meet."
Compared to conventional fuels, WasteFuel aims for its marine fuels to reduce CO2 emissions by 95%, to cut Nitrogen Oxide emissions by up to 80%, and to eliminate sulphur oxide and particulate matter emissions.
Maersk Growth, the Corporate Venture arm of A.P. Moller – Maersk announced their investment in WasteFuel in September 2021. With their investment, Morten Bo Christiansen, VP and Head of Decarbonisation at A.P. Moller – Maersk joined Trevor Neilson, Guillaume Lucci, Par Lindstrom, Bradley Ferrell, and Guy Oseary on WasteFuel’s Board of Directors.
WasteFuel, using proven technologies to convert waste - which would otherwise decompose releasing greenhouse gasses - into low carbon fuels, is driving solutions to decarbonise air, land, and sea transport. In addition to the green methanol project with Maersk, the company has several biorefinery projects underway including a project in the Philippines to produce Sustainable Aviation Fuel and bio-methanol in partnership with Prime Infra and NetJets and projects across the Americas and Asia to produce Renewable Natural Gas and green methanol.
WasteFuel uses proven technologies to address the climate emergency and revolutionise mobility. We convert municipal (trash) and agricultural waste into low-carbon fuels, renewable natural gas, and green methanol.
WasteFuel investors include Maersk, Marc Benioff’s TIME Ventures, i(x) Net Zero, NetJets, Prime Infra, Guy Oseary, and Aileen Getty.
For more information visit: www.wastefuel.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Conviva Announces Streaming Audience Measurement Standard Leveraging Comprehensive, Continuous, Census-level Technology16.5.2022 20:21:00 CEST | Press release
Conviva, the Continuous Measurement Analytics platform for streaming media, today announces it will unveil a streaming audience measurement standard to be released for general availability at CES 2023. This expansion is in partnership with premium streaming providers using Conviva’s real-time cloud sessionization technology. The new standard provides census-level streaming audience ad packaging and measurement that is complimentary and interoperable with linear TV allowing streaming providers to compete at scale with the digital walled gardens solutions competing for ad budgets today. Conviva’s platform currently processes nearly 3 trillion streaming data events daily, supporting more than 500 million unique viewers watching 200 billion streams per year across 4 billion applications streaming on devices. “Audience measurement represents the streaming industry’s biggest opportunity and Conviva’s technology definitively unlocks its potential,” comments Keith Zubchevich, CEO of Conviva. “
Verimatrix Anti-Piracy and Threat Defense Experts To Highlight Latest Innovations at CABSAT and TT CS16.5.2022 17:45:00 CEST | Press release
Regulatory News: Verimatrix, (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced participation in two leading conferences this month: European Medical Device and Diagnostic Software Development and Compliance Conference (TT CS) – May 17-18 – Brussels, Belgium TT CS is Europe’s only dedicated conference for medtech cybersecurity professionals. Held at the Sheraton Brussels Airport Hotel, the event features two Verimatrix speakers. Nicole Lua, sales director, is scheduled to serve as moderator for a “Security By Design” roundtable at 1:35 p.m. on May 17. Neal Michie, director of product management, is scheduled to discuss the prevention of threats associated with unmanaged and quasi-managed devices during a session slated for 10:15-10:50 a.m. on May 18. CABSAT – May 17-19 – Dubai, UAE CABSAT is the most established and respected trade platform for broadcast, satellite, entertainment content & digital media sectors across
“Our Future is Light” Campaign Kicks off 2022 International Day of Light16.5.2022 17:03:00 CEST | Press release
An action-packed video styled as a blockbuster-movie trailer provides the linchpin for this year’s International Day of Light (IDL) campaign, “Our future is light. Play your part.” Released today, Day of Light features diverse characters successfully solving global-level problems using photonics-enabled technologies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005150/en/ Sponsored by SPIE, Optica, and IEEE Photonics Society, this year’s International Day of Light celebration showcases exciting, critical career opportunities in optics and photonics. (Graphic: Business Wire) Three professional societies – SPIE, the international society for optics and photonics, IEEE Photonics Society, and Optica, Advancing Optics & Photonics Worldwide – partnered to create the video and the accompanying 2022 IDL campaign. “Our future is light. Play your part” promotes the importance of light-based technologies and interesting careers
NielsenIQ Launches Retail Media Solution to Monetize Assets and Measure ROI for Retailers16.5.2022 16:01:00 CEST | Press release
Today, NielsenIQ, a global information services company, announced the launch of NielsenIQ Activate; a software-as-a-service (SaaS) solution that enables retailers to accelerate revenue opportunities through retail media and comprehensive customer insights that activate shoppers with personalized promotional offers. NielsenIQ Activate is comprised of dedicated applications for hyper-targeted audience building, offer and ads management, and end-to-end measurement. This SaaS tool, part of the NielsenIQ Connect platform, will allow retailers to create sustainable revenues by monetizing their retail media assets across physical and digital channels. Additionally, retailers will be able to boost credibility with brands and inform them of the insights they need to command their customers’ attention, act on those insights, and measure the ROI of their activities across all channels. “We are devoted to continuing our legacy by defining the next century of consumer and retail measurement,” says
TYLin and GPO Group Strategically Align16.5.2022 16:00:00 CEST | Press release
The GPO Group and Sam Schwartz, one of its operating companies, as part of a global effort to enhance connections and collaboration among companies in the Dar Group’s Global Infrastructure (GI) Pillar, are formally aligning with TYLin, the leading brand in the GI Pillar. The GPO Group and Sam Schwartz have added a TYLin “unifier” line to their names. Effective immediately, GPO will be known as GPO, A TYLin Company. Similarly, Sam Schwartz will be known as Sam Schwartz, A TYLin Company. The addition of the unifier line is part of a global strategic initiative to unify the companies in the Dar Group GI Pillar under the TYLin brand to provide more efficient access to its vast global resources and promote better collaboration among its staff. Aligning the two companies with TYLin — particularly in the rail and transit segments — means that GPO and Sam Schwartz, transportation and mobility leaders in Europe and the Americas, respectively, will expand their ability to deliver innovative thin
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom