Wavemaker Impact backs farm waste-to-energy startup Octayne

Octayne Green Fuels, a farm waste-to-energy startup in Singapore, has secured a pre-seed investment of US$525,000 from Wavemaker Impact.

This funding will be used to execute pilot projects, develop the company’s technical product and platform, and hire people.

Octayne converts underutilised waste biomass into a low-cost and scalable drop-in replacement for coal. By prioritising Net Zero, it strives to eliminate coal dependency in Southeast Asia without affecting the region’s development ambitions and encouraging the adoption of alternative fuels into existing infrastructure.

Also Read: A deep-dive into Wavemaker Impact’s decarbonisation strategies in SEA

To achieve this goal, the company will tap into the exceptionally large agricultural sector in the region, which currently generates over 400 million tons of post-harvest crop residue–to convert largely unutilised biowaste into a renewable and sustainable fuel source.

By raising public awareness about the need for sustainable farm waste management practices, Octayne also aims to address the growing problems associated with crop residue burning, which has seen cities in the region being blanketed with choking haze in recent years.

With a strategic focus on Southeast Asia’s US$800 billion energy sector market, Octayne will adopt a tiered approach, initially targeting Indonesia, Thailand and Vietnam before expanding across the region.

With a vision to achieve US$100 million in revenue and mitigate 100 million tons of CO2 emissions, Octayne aims to become Southeast Asia’s leading sustainable fuel supplier over the next decade.

Rohan Vinekar, CEO and founder of Octayne said: “Solving the challenges of climate change in this region requires a different and untested approach given the unique circumstances faced by policymakers. By tapping into resources that are freely available and underutilised, Octayne will not only create a new market paradigm but also provide farmers with a sustainable waste management outlet.”

Also Read: Wavemaker Impact backs Elevate Foods that combats food loss and waste

“Southeast Asia is home to a diverse ecosystem of farming sectors–from annual crops like rice and corn to perennial ones like sugar cane. Octayne’s mission to convert post-harvest crop residue into feedstock for carbon-neutral bioenergy presents an exciting illustration of a company that takes advantage of the region’s agricultural profile to decarbonise hard-to-abate sectors that continue to require fuel,” said Guillem Segara, Principal at Wavemaker Impact.

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Image Credit: Octayne

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