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Wednesday, Jun 29, 2022

Maersk to Buy Marine Green Fuel

WasteFuel Global got a sizeable order from its minority owner, Danish shipping line A.P. Moller-Maersk.

The Pacific Palisades-based company, which is developing aviation and marine fuel from municipal and agricultural waste, committed to providing Maersk with 30,000 tons of bio-methanol per year, starting in 2024. The fuel will power a dozen new methanol-powered ships, which will be manufactured by South Korea-based Hyundai Heavy Industries and will set sail within two years. WasteFuel is one of six companies Maersk is sourcing the fuel from. Others are CIMC ENRIC, European Energy A/S, Green Technology Bank, Ørsted and Proman.

“We are proud that to be the only American company on this list, the only startup, and the only company solely focused on developing low-carbon fuels,” WasteFuel’s Chief Executive Trevor Neilson wrote in a LinkedIn post.

Neilson co-founded WasteFuel in 2018. The company’s other investors include Marc Benioff’s TIME Ventures, NetJets, Prime Infra, Guy Oseary and Aileen Getty.
The Danish shipping line also owns a stake in El Segundo-based Performance Team – A Maersk Co., which last week announced plans to open a new cold storage facility in Houston come August. The warehouse location provides easy access to the Port of Houston, as well as to both BNSF and Union Pacific rail lines. It’s a few miles from major highways and “ensures multi-modal supply chain options to and from inland destinations,” according to Maersk.

“As we continue to expand our network in North America, providing customer-centered solutions, this new facility will provide best-in-class cold chain services by integrating our services, technologies and optimizing cold chain logistics efficiencies,” Performance Team’s Executive Vice President of Operations Jason Walker said in a statement.

Paola Mendez
Paola Mendez
Paola Mendez graduated from Los Angeles Valley College, then transferred to University of California, and now serves as a Receptionist and Office Assistant to the Los Angeles Business Journal. Paola wears many hats in different departments and is trilingual in English, Spanish and French.

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