Woodside Energy has announced an almost $15 million equity in String Bio, the developer of a patented process that can recycle greenhouse gases into value-added products such as feed for livestock.
String Bio is an award-winning company based in India which combines biology, engineering and chemistry in an effort to develop sustainable and scalable products to address global issues such as climate change and food scarcity.
Furthermore, Woodside is exploring the potential of String Bio’s carbon-to-products technology to support its decarbonisation efforts, targeting abatement of methane emissions at its operation sites.
String Bio’s proprietary technology converts methane into a single-cell protein that could provide a sustainable alternative in animal and human nutrition as well as agriculture products, with a focus on improving the sustainability of crops and food production, land and water use.
Additionally, Woodside and String Bio have also entered into a strategic development agreement (SDA) to explore opportunities for the potential commercial scale-up of String Bio’s technology.
The String Bio investment, which is subject to conditions precedent, is a key component of Woodside’s target to spend approximately $5 billion (over AUD $7 billion) on new and emerging energy products and lower-carbon services by 2030.
(Source: Oil and Gas News, July 12-2022)