Sinopec Capital, a clean energy investment arm of China’s state-owned energy company Sinopec, will work with and invest in US renewables firm LanzaTech. The partnership will focus on promoting the conversion of waste carbon into chemicals. According to Sinopec, the investment in the biochemical value chain is a strategic move for Sinopec Capital.
LanzaTech has developed synthetic biology technology to convert waste carbon into chemicals. This differs from other technologies which use a building block such as ethanol to produce chemicals. LanzaTech has demonstrated such a capability by turning Japan’s unsorted, non-recyclable household waste and China’s mill emissions into ethanol which can be converted into sustainable fuels or petrochemicals.
Sinopec has set a plan to achieve carbon neutrality by 2050, ten years ahead of China’s national target. Recently, it partnered with electric carmaker Nio to build battery stations in China. It also plans to develop green hydrogen projects in a partnership with solar manufacturer Longi Green Energy Technology. The company aimed to have 1,000 hydrogen refuelling stations by 2025.
