ANKARA, Türkiye — August 10, 2026 — WasteFuel, a U.S.-based renewable fuels company converting waste into low-carbon transportation fuels, and its Turkish joint venture partner ITC, one of Türkiye’s leading integrated waste-management and waste-to-energy operators, today announced the completion of Front-End Engineering Design (“FEED”) for their flagship green methanol biorefinery in Ankara, Türkiye. The facility is engineered to deliver one of the lowest carbon intensities of any marine fuel in the world — approximately 9 gCO₂e/MJ — and completing the FEED study validates its technical design, confirms its cost basis, and positions the partners to advance toward a final investment decision (FID).

Once operational, the facility is designed to produce approximately 50,000 tonnes per year of ISCC-certified biomethanol — a drop-in, low-carbon marine fuel — from biogas generated by municipal solid waste. Located adjacent to ITC’s existing waste-to-energy operations in Ankara, the plant is expected to be the largest biomethanol project in the Mediterranean and Middle East, giving the partners a highly differentiated position in a region of growing demand for compliant, low-carbon shipping fuel.

The Lowest Carbon Intensity on the Market

At the heart of the Ankara project is a decisive environmental and commercial advantage: an exceptionally low carbon intensity. The facility’s biomethanol is engineered to achieve a carbon intensity of approximately 9 gCO₂e/MJ, compared with a fossil-fuel baseline of roughly 94 gCO₂e/MJ — a reduction of more than 90% in lifecycle greenhouse gas emissions. This places WasteFuel’s fuel among the lowest-carbon marine fuels available anywhere, and the company is actively evaluating pathways to lower the score further, toward a below-zero carbon intensity.

Carbon intensity is not only an environmental metric — it is increasingly the currency of maritime compliance. Under the EU Emissions Trading System and FuelEU Maritime, the lower a fuel’s carbon intensity, the fewer volumes a shipping company needs to meet its obligations. WasteFuel’s ultra-low carbon intensity therefore translates directly into greater compliance value per tonne for offtakers — a meaningful advantage over higher-intensity biomethanol, which is often two to three times higher, and over more costly synthetic (e-methanol) alternatives. In a market where certified, genuinely low-carbon supply is scarce, carbon intensity is a durable competitive differentiator.

A Fully De-Risked Path to Final Investment Decision

The completion of the FEED study marks the culmination of years of focused development work and brings the Ankara project to one of the most advanced stages of any green methanol development globally. Key milestones achieved include:

1. A dedicated joint venture company incorporated in Türkiye and the project site secured;

2. An AACE Class 3 cost estimate and high confidence in the technical design;

3. Competitive engineering, procurement and construction (EPC) proposals received from two qualified international contractors under a fixed-price, turnkey structure;

4. Commercially proven, performance-guaranteed process technology selected for the full production pathway; and

5. Environmental and permitting workstreams well advanced with Turkish authorities.

With the FEED study complete, the partners are targeting a final investment decision (FID) in the third quarter of 2027, with commercial operations expected in 2029. The engineering, commercial and financing frameworks established in Ankara are designed to be replicable across WasteFuel’s broader multi-country pipeline, creating a scalable template for future deployments.

Why This Project Matters: Decarbonizing Global Shipping

Maritime shipping carries roughly 80% of global trade and accounts for approximately 3% of global greenhouse gas emissions. As the industry moves to decarbonize, green methanol has emerged as one of the most viable near-term fuels: it is a proven, safely handled liquid fuel, it is compatible with a rapidly growing fleet of methanol-capable vessels, and it can reduce lifecycle greenhouse gas emissions by more than 90% relative to conventional fuel oil.

With the EU Emissions Trading System now applying to shipping and FuelEU Maritime penalties in force, demand for certified, ultra-low-carbon fuel is being driven by real and rising compliance costs, even as certified supply remains scarce. Projects that are advancing through development now, like Ankara, are positioned to help close a widening supply-demand gap. Crucially, the project addresses two global challenges at once: it produces clean marine fuel while diverting municipal waste from landfill and capturing methane emissions that would otherwise reach the atmosphere. By co-locating the biorefinery alongside ITC’s waste-to-energy facility, the partners secure a reliable, locally sourced feedstock supply while eliminating transportation risk and cost.

“Completing the FEED study confirms that Ankara is technically sound and ready for investment — but what truly sets this project apart is its carbon intensity. At around 9 gCO₂e/MJ, our biomethanol is among the lowest-carbon marine fuels in the world, which means our customers can meet tightening regulations with less fuel and at lower cost. Green methanol is essential to decarbonizing global shipping this decade, and ultra-low-carbon supply like ours is exactly what the market needs.”  — Mark Dennes, Chief Executive Officer, WasteFuel

A Strong Partnership with ITC

The Ankara project is being developed through a joint venture between WasteFuel and ITC, a partnership that pairs WasteFuel’s fuel-development and technology-integration expertise with ITC’s deep operational foundation in Turkish waste management. ITC manages a significant share of Türkiye’s municipal waste and is one of the country’s largest waste-to-energy operators, providing the joint venture with unmatched feedstock security through its adjacent operations in Ankara — the foundation that makes the project’s ultra-low carbon intensity achievable at scale.

The partnership is well aligned with Türkiye’s national priorities across energy security, waste management and industrial decarbonization, and the partners continue to work closely with Turkish stakeholders as the country advances its own climate and carbon-pricing agenda — themes that will feature prominently as Türkiye hosts COP31 in Antalya in November 2026. Together, the partners have built a project that is not only commercially compelling but also a model for how local waste-management leadership and global fuel-development expertise can combine to deliver real decarbonization outcomes.

“This project demonstrates the value of turning the waste we manage every day into a clean fuel that the world urgently needs. Completing the FEED study alongside WasteFuel is a proud milestone for ITC and for Türkiye, and it reinforces our commitment to innovative waste solutions that benefit our communities, our industry and the global climate.”  — Yavuz Kantur, General Manager, ITC

Looking Ahead

With FEED complete, WasteFuel and ITC will focus on finalizing project financing and advancing toward FID, while continuing to engage the growing base of shipping lines, fuel traders and strategic partners seeking secure, compliance-grade supply of low-carbon marine fuel. The Ankara facility is the flagship of WasteFuel’s broader pipeline of waste-to-fuel projects, and the milestones achieved here lay the foundation for the company’s continued growth across multiple markets.

About WasteFuel

WasteFuel is a renewable fuels company founded in 2017 that transforms waste into low-carbon transportation fuels. Using a commercially proven, licensed process, WasteFuel converts biogas derived from municipal solid waste into ISCC-certified biomethanol — a drop-in alternative to fossil fuels for the maritime shipping industry — with a carbon intensity more than 90% below the fossil-fuel baseline. Named among TIME Magazine’s Top GreenTech Companies in America (2024), WasteFuel is developing a diversified pipeline of projects across multiple countries. Its strategic investors and partners include Maersk, NetJets (a Berkshire Hathaway company) and Prime Infra. Learn more at www.wastefuel.com.

About ITC

Founded in 2002, ITC (ITC-KA Enerji) is one of Türkiye’s leading integrated waste-management and waste-to-energy companies. Its operations span landfill management, mechanical sorting, biomethanization and the generation of renewable electricity from waste, and it manages a substantial share of Türkiye’s municipal waste. Through its integrated facilities, ITC turns everyday waste into energy and value for communities across the country, providing the operational foundation and feedstock security for the Ankara green methanol joint venture.

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