LONDON, UK: i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy Transition and Sustainability in the Built Environment, announced that its portfolio company, WasteFuel, has embarked upon a partnership with Averda Holdings International, a leading end-to-end waste management company, to develop the first commercial scale municipal waste-to-renewable methanol plant in the Middle East.

Under the terms of the agreement, which was announced on the first day of the COP27 Climate Conference in Egypt, Averda will collect and provide the plant with waste feedstock which cannot be otherwise re-used and recycled. Utilising WasteFuel technology, the plant will produce renewable methanol that is expected to help shipping companies reduce their CO2 emissions and other greenhouse gases by up to 90% compared with conventional fuels.

The location of the plant is currently being researched, and is expected to be in Jebel Ali, United Arab Emirates. Further announcements regarding financing and development will be made in due course.

Averda and WasteFuel partnered 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: “This is an exciting announcement for our portfolio company, WasteFuel. With global municipal solid waste expecting to grow from 2.01 billion tonnes annually to 3.40 billion 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.”