Mubadala Capital, Petrobras agree to explore cooperation biofuel project

Mubadala Capital, the $20 billion global asset management firm, and Petrobras, the Brazilian integrated energy company, signed a Memorandum of Understanding (MoU) that will see the two parties explore a potential investment by Petrobras into a biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.

The MoU builds on an agreement signed in April 2023 between Acelen and the State of Bahia to develop a biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.

This agreement underscores Mubadala Capital and Petrobras’ shared commitment to energy transition, and we are excited to work alongside Petrobras to create a novel, carbon neutral, product that will speed up the transition into a sustainable future.”

Hydrogen is made by electrolysis, a process that sends an electric current through water to split hydrogen atoms from oxygen. To count as green hydrogen, the electricity must come from renewable sources.