i(x) Net Zero PLC told investors that its portfolio company, WasteFuel, has formed a partnership with a leading waste management company to develop what they say is the first commercial-scale municipal waste-to-renewable methanol plant in the Middle East.
The partnership is with Dubai-headquartered Averda Holdings International, an end-to-end waste management company that operates in India, the Middle East and Africa, which will collect and provide the plant with waste feedstock which cannot be otherwise re-used and recycled.
Then, WasteFuel technology will be used in the plant to produce methanol, which the pair expect to supply to help shipping companies reduce their CO2 emissions and other greenhouse gases.
The plant is expected to be located in Jebel Ali, in the United Arab Emirates, with final confirmation of this, along with financing and development, to be made in due course.
It was noted by i(x) that Averda and WasteFuel teamed up after meeting through the Sustainable Markets Initiative (SMI), which was established in 2020 by King Charles III when he was Prince of Wales.
Pär Lindström, chief investment officer of i(x) Net Zero, said it is “an exciting announcement” for the portfolio company.
“With global municipal solid waste expecting to grow from 2.01bn tonnes annually to 3.40bn tonnes by 2050, this partnership is very significant, helping to divert waste that would otherwise end up in landfills and creating valuable renewable and sustainable fuel for the shipping industry."