Australian LNG player Woodside said it would invest $9.9 million in India’s String Bio, the developer of a patented process that can recycle greenhouse gases, as part of its target to spend $5 billion on new energy products and lower-carbon services by 2030.
String Bio’s tech can recycle greenhouse gases into “value-added products” such as feed for livestock, according to a statement by Woodside.
Woodside is exploring the potential of String Bio’s carbon-to-products technology to support its decarbonization efforts, targeting abatement of methane emissions at its operational sites, it said.
The two firms have also entered a strategic development agreement to explore opportunities for the potential commercial scale-up of String Bio’s technology.
Woodside, that is now a larger company following the completion of its merger with BHP’s oil and gas business, said the $9.9 million investment equity investment remains subject to conditions precedent.
CEO Meg O’Neill said in the statement the company “aimed to thrive through the energy transition with a resilient and diversified portfolio.”
“Our investment in String Bio builds on our ability to potentially abate greenhouse gases through the conversion of carbon into useful products,” O’Neill said.
According to the CEO, Woodside could use String Bio’s technology to recycle methane at its facilities.
“It could also be deployed at third-party sites with available biomethane such as landfill facilities and farms,” she said.
