Renewable Fuel IPO

Renewable fuel producer EcoCeres is planning to raise about $1 billion through a Hong Kong initial public offering, according to people familiar with the matter, in what would be one of the clearest public-market tests yet of investor appetite for a pure-play sustainable aviation fuel producer as airlines worldwide chase decarbonisation targets.

A Bain-Backed Biofuel Maker

EcoCeres, a Hong Kong-based company backed by private equity firm Bain Capital, makes sustainable aviation fuel, renewable diesel and renewable naphtha from waste-based feedstocks including used cooking oil, and aims to make its market debut in Hong Kong by the end of the year. Its SAF typically cuts greenhouse gas emissions by around 80 percent versus conventional jet fuel and can be used in existing aircraft without modification. It previously considered a London listing before turning its focus to Hong Kong.

Scale And Capacity

EcoCeres was incubated by Hong Kong’s city gas utility Towngas in 2008 and has operated its first biofuel plant in China since 2021. Counted among the world’s larger SAF producers, it runs combined renewable fuels capacity of about 770,000 metric tonnes per year across production bases in Zhangjiagang, eastern China, and Johor, Malaysia, and supplies major airlines including Qantas, Air France, British Airways and Lufthansa. Bain Capital invested over $700 million in the company in 2022, while Kerogen Capital is also among its investors.

Refining The Offering

Main shareholder Bain Capital plans to sell down part of its stake in the listing, while the offering size, timetable and the scale of that sale remain subject to market conditions and regulatory approvals. Deutsche Bank, HSBC, Morgan Stanley and UBS are among the banks reported to be working on the deal.

Waste-To-Fuel Projects At Scale

Klean Industries is building waste-to-fuel capacity through pyrolysis, including its UK sustainable low-carbon fuels project, and its plastic pyrolysis work turns waste plastic into pyrolysis oil for onward fuel production. As pure-play renewable fuel makers attract capital, Klean delivers the underlying plant engineering and feasibility that de-risk such projects.

Learn More:

• UK sustainable low-carbon fuels project
• Plastic pyrolysis
• Feasibility studies

Turn Plastic And Tyre Waste Into Fuel

Pyrolysis converts waste plastic and tyres into oil that can be refined into renewable diesel, SAF and naphtha.

Klean Industries develops waste-to-fuel and plastic pyrolysis projects, from feasibility studies through plant design and engineering.

Scaling a waste-to-fuel or plastic pyrolysis project?

Contact Klean Industries about waste to fuel » GO.