Japanese producer Mitsui Chemicals has invested in Apeiron Bioenergy, a collector and seller of used cooking oil in S.E Asia and China, the two firms said on Wednesday, without disclosing the value of the investment, reported ICIS.
“Apeiron Bioenergy has successfully closed an equity financing round from Mitsui Chemicals,” the Singapore-based firm said in a statement.
“The funds will support Apeiron to increase its collection capacity for waste-based feedstocks across Asian markets and position the company for exponential growth amidst growing demand for renewable feedstock for advanced biofuels such as sustainable aviation fuel (SAF),” it said.
Apeiron Bioenergy collects and processes a range of renewable feedstocks, including used cooking oil (UCO) and palm oil mill effluent (POME).
Mitsui Chemicals, in a separate statement, said that the investment will help “expand its procurement of biomass raw materials as it looks to meet growing demand for bio-based chemicals and plastics”.
The company plans to become carbon neutral by 2050.
Mitsui Chemicals said it was the first company in Japan to employ bio-based hydrocarbons, which were introduced at its Osaka Works site in December 2021.
“Mitsui Chemicals has since been using these to begin a biomass transition for chemicals such as phenol, as well as plastics such as polypropylene (PP),” it said.