LOS ANGELES — WasteFuel, a California-based biofuels company, announced today the appointment of Peter Votkjaer Jorgensen, former Partner in Maersk Growth, the venture arm of the A.P. Moller – Maersk Group, as Chief Financial Officer (CFO) effective October 1, 2023.
Peter will be responsible for the financial management of the company, support the company’s international relationships and partnerships, and work with the executive team to drive WasteFuel’s next stage of growth.
He will leverage his experience within the marine sector and with early-stage companies in the regions where WasteFuel projects are located, including the UAE, to evolve the company’s projects.
Peter has over 25 years of experience within Corporate Finance, Infrastructure Investments, and Commercial Business Development. He helped establish Maersk Growth in 2017 and led a range of the 40+ company investments starting in 2018 including Afresh, which is leveraging AI to revolutionize perishable ordering to reduce food waste whilst increasing sales; ISEE, a technology company providing autonomous driving solutions; SpaceFill, which is fast and flexible warehousing removing supply chain complexities; and WasteFuel.
Prior to joining Maersk, he was CFO for digital media company Bluewave and VP of Corporate Finance for Aston IT Group, a merger of 53 IT companies. In his leadership positions, he has driven change and inspired teams across Africa, Middle East, Europe and Asia and been involved in projects in 25+ countries. Peter holds a Masters in Business Administration and Business Law.
Over 200 methanol ships have been ordered according to DNV’s Alternative Fuel Insights (AFI) database as of July increasing the demand and urgency of increasing methanol production.
“I am looking forward to joining WasteFuel at this stage in the company’s growth,” said Peter. “Scaling the availability of renewable fuels like bio-methanol is critical to decarbonize the shipping sector and I am excited to help WasteFuel bring its bio-methanol to the market and revolutionize the future of mobility.”
“Following the initial closing of our Series B, we are focused on the development of our initial projects to produce bio-methanol for the shipping sector,” said Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel. “Peter’s experience not only in the shipping industry, but also with companies in our stage and in the geographic regions where we are working, will make him the perfect addition to our existing team as we work to scale our efforts and bring the bio-methanol that the shipping sector desperately needs to market.”
This appointment follows recent company news of the first close of a Series B, led by bp ventures, and a partnership with bp including a memorandum of understanding for the offtake of WasteFuel’s bio-methanol and a technical collaboration to improve bio-methanol production efficiency, yields & economics.
Marc Chennault will remain CFO until October 1, 2023, and will continue to serve WasteFuel through the end of the year to support a seamless transition.
“We appreciate Marc’s dedication to the company and want to thank him for everything he has done for WasteFuel to date,” added Trevor Neilson, Co-founder, Chairman, and CEO.