WasteFuel, a Los Angeles-based startup producing methanol from waste, raised $10M from BP Ventures.

 

WasteFuel, a Los Angeles-based startup producing methanol from waste, raised $10M from BP Ventures.  The startup plans to use the funds to build a waste-to-methanol plant in Dubai. The company sources its waste from municipalities and waste management companies to produce bio-methanol via anaerobic digestion.  As part of the deal, BP plans to work with WasteFuel on production and source directly from the startup for areas such as shipping. The round included participation from Marc Benioff's TIME Ventures, i(x) Net Zero, and shipping giant Maersk, among others.