EcoCeres

What EcoCeres does

EcoCeres, Inc. is a Hong Kong-headquartered renewable fuels producer that converts 100% waste-based feedstocks — primarily used cooking oil and agricultural residues — into Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and Renewable Naphtha via proprietary hydrotreating technology. The company was incubated by Hong Kong and China Gas Company Limited (Towngas), founded in 2018, and has scaled to become the world's second-largest SAF producer, operating biorefineries in Zhangjiagang, China and Pasir Gudang, Johor (Malaysia, commissioned October 2025), with combined annual capacity of approximately 770,000 tonnes. A planned Dongguan facility (450,000 tonnes/year, part of an HK$10 billion Greater Bay Area investment) is targeted for 2030 commissioning.

The company's commercial model is enterprise-led, anchored by long-term offtake agreements with commercial airlines (British Airways through 2030, Cathay Pacific, Qantas) and an emerging data center vertical (Bridge Data Centres, GDS) using HVO as a drop-in replacement for diesel in backup generators. Distribution relies on direct B2B sales supplemented by European fuel-trading channels, with the primary target market being Europe under ReFuelEU blending mandates. Pricing is negotiated; SAF has been reported at a premium of up to $2,642/ton — roughly four times conventional jet fuel — reflecting sustainability mandates and verified lifecycle emission reductions of up to 94.4%.

EcoCeres is privately held and backed by Bain Capital, which led a $400 million round in 2023 following a $108 million round in 2022 led by Kerogen Capital. The company is reported to be considering a Hong Kong IPO targeting $500 million to $1 billion. Operations span Hong Kong, mainland China, Malaysia, Singapore, Australia, New Zealand, Europe, and the Middle East, with 501-1,000 employees. Strategic differentiation rests on 100% waste-based feedstock sourcing, full-stack proprietary conversion technology, first-mover positioning in Asia's emerging SAF market, and integrated partnerships with airlines, data center operators, and municipal governments (Hong Kong SAR, Dongguan).

Name

EcoCeres

Legal name

EcoCeres, Inc.

Website

https://eco-ceres.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

501–1,000 employees

Short description

EcoCeres is a Hong Kong-based renewable fuel producer that uses proprietary hydrotreating technology to convert 100% waste-based feedstocks (used cooking oil, agricultural residues) into Sustainable Aviation Fuel, HVO, and Renewable Naphtha, serving commercial airlines (British Airways, Cathay Pacific, Qantas) and data center operators via long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Renewable Fuels

NAICS

Petroleum Refineries (324110), Fats and Oils Refining and Blending (311225), Petrochemical Manufacturing (32511)

SIC

Petroleum Refining (2911), Fats & Oils (2070)

akta.pro primary industry

Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ) (EUAAAHAE)

akta.pro secondary industries

Biofuel Upgrading, Hydrotreating & Refining (Co-processing, Isomerization) (EUAAAHAG), Renewable Diesel (HVO/HEFA) Production (EUAAAHAD)

Keywords

• Sustainable aviation fuel
• Hydrotreated vegetable oil
• Renewable naphtha
• Waste-to-fuel conversion
• Biorefinery production

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Renewable Fuel Product Sales: EcoCeres generates primary revenue from selling Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and Renewable Naphtha produced from waste-based feedstocks. Revenue is derived from long-term offtake agreements with airlines and spot sales to fuel distributors and industrial customers. The company operates biorefineries in Malaysia and China with combined annual capacity of approximately 770,000 tonnes.
2. Premium SAF Pricing: Revenue from selling fuel produced at company biorefineries, with SAF commanding premium pricing (up to $2,642 per ton) compared to conventional jet fuel due to sustainability mandates and reduced lifecycle emissions.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

EcoCeres produces renewable fuels — Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and Renewable Naphtha — from 100% waste-based feedstocks (used cooking oil and agricultural residues) using proprietary hydrotreating technology. The company operates commercial-scale biorefineries in Zhangjiagang, China and Pasir Gudang, Malaysia, with combined annual capacity of approximately 770,000 tonnes, supplying airlines, data center operators, and industrial fuel buyers worldwide.

Product overview

EcoCeres offers a portfolio of renewable fuel products produced from 100% waste-based feedstocks. The core offerings include Sustainable Aviation Fuel (SAF) for the aviation industry, Hydrotreated Vegetable Oil (HVO) for road transportation and backup power applications, and Renewable Naphtha. The company operates biorefinery facilities in Malaysia (Pasir Gudang, Johor) and China (Zhangjiagang), with a combined global capacity of approximately 770,000 tonnes per year. Products are designed to reduce greenhouse gas emissions for hard-to-abate sectors including aviation and road transportation.

Differentiator

Problem solved

Functional benefit

Products and services

• Sustainable Aviation Fuel (SAF) Waste-based sustainable aviation fuel that reduces lifecycle carbon emissions by up to 94.4% compared to conventional jet fuel, sold via long-term offtake agreements to commercial airlines seeking to meet decarbonization targets and blending mandates.
• Hydrotreated Vegetable Oil (HVO) 100% waste-based feedstock renewable fuel that serves as a drop-in substitute for conventional diesel, capable of cutting greenhouse gas emissions by up to 90% without requiring modifications to existing generators or diesel engines. Targeted at data center backup power, road transportation fleets, and industrial customers.
• Renewable Naphtha (Bio-naphtha) Renewable naphtha produced alongside SAF and HVO from waste-based biomass feedstock, contributing to the circular economy and reducing fossil fuel dependency in petrochemical and industrial applications.

Quantifiable outcome

• Reduces lifecycle carbon emissions by up to 94.4% compared to conventional jet fuel
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• British AirwaysflagshipStrategic or Co-development PartnerExtended SAF supply agreement through 2030, with EcoCeres supplying SAF produced from 100% waste-based biomass feedstock. The deal is expected to help British Airways avoid about 198,000 tonnes of lifecycle carbon emissions, with fuel capable of cutting emissions by up to 94.4%. This is a flagship long-term offtake partnership aligned with IAG's SAF targets.
• Cathay PacificflagshipStrategic or Co-development PartnerSAF supply partnership with Cathay Pacific for lower-carbon aviation fuel. Cathay Pacific is part of a $70 million joint investment agreement with Airbus to accelerate SAF development in Asia.
• QantascoreStrategic or Co-development PartnerSAF supply partnership with Qantas for lower-carbon aviation fuel serving Australia and international routes.
• Bridge Data Centres (BDC)coreStrategic or Co-development PartnerCompleted Asia Pacific's first HVO-powered backup fuel pilot for data centres at BDC's Singapore-based campuses. Both companies are collaborating to develop common standards and practical guidelines for wider industry adoption of HVO in data centers. BDC intends to deploy HVO solutions across its APAC campuses in Malaysia, Thailand, and India.
• GDScoreStrategic or Co-development PartnerPilot project with GDS to trial HVO as replacement for diesel in backup generation units at a data center in North China. EcoCeres supplies HVO produced from used cooking oils, demonstrating circular economy principles in China's rapidly growing data center sector.
• Hong Kong SAR GovernmentflagshipStrategic or Co-development PartnerHong Kong SAR Government signed Investment Letter of Intent with EcoCeres to establish the first complete SAF supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area. This partnership aligns with Hong Kong's target requiring departing flights from HKIA to use specified proportion of SAF by 2030.
• Dongguan Municipal People's GovernmentflagshipStrategic or Co-development PartnerPartnered with EcoCeres and Hong Kong SAR Government to establish SAF production facility in Dongguan with annual capacity of approximately 450,000 tonnes of SAF and HVO. The project leverages Dongguan's chemical industry parks, logistics infrastructure, and supply of used cooking oil.
• AirbuscoreStrategic or Co-development Partner$70 million joint investment agreement between Cathay Pacific and Airbus to accelerate SAF development in Asia, with EcoCeres as a key SAF producer serving this initiative.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Gevo: US-based renewable fuels and chemicals company developing alcohol-to-jet SAF pathway. Compares to EcoCeres on SAF end-market focus but uses a different production technology (ATJ vs. hydrotreating of waste oils).
• Aemetis: US-based renewable fuels company producing renewable diesel and developing SAF from waste feedstocks. Comparable mid-cap alternative to EcoCeres in the same waste-based biofuel category, though primarily focused on the California market.
• Velocys: UK-based small-scale SAF technology provider using Fischer-Tropsch pathway. An emerging player in the SAF ecosystem with technology licensing rather than large-scale production, comparable in end-market focus if not scale.

Direct peers

• Neste: World's largest producer of renewable diesel (HVO) and sustainable aviation fuel (SAF) from waste and residues. EcoCeres is explicitly positioned as the world's second-largest SAF producer behind Neste, making it the most directly comparable competitor.
• SkyNRG: Dutch sustainable aviation fuel company specializing in waste-based SAF supply, project development, and offtake origination with airlines globally. Directly comparable as a pure-play SAF player focused on waste-based feedstocks and airline offtakes.
• World Energy: US-based SAF and renewable diesel producer with operations in California and a focus on waste-based feedstocks. A long-standing competitor in the same SAF/HVO category as EcoCeres, particularly for North American and trans-Pacific offtake markets.

Broad incumbents

• Diamond Green Diesel (Darling Ingredients / Valero JV): One of North America's largest renewable diesel producers (joint venture between Darling Ingredients and Valero). Directly comparable as a waste-based HVO/renewable diesel producer, though primarily serving North American road transportation markets.
• Repsol (Cartagena biofuels): Spanish integrated energy major producing advanced biofuels including renewable diesel at its Cartagena refinery. Comparable as a European-headquartered renewable fuel producer competing for EU SAF blending mandate demand.
• TotalEnergies (SAF business): Global integrated oil major with growing SAF and biofuel production at La Mède (France) and other biorefineries. Competes with EcoCeres in the SAF market as part of a broader refining and renewable energy portfolio.
• Shell (SAF/biofuels): Integrated oil major with biofuel and SAF operations including the joint-venture Raízen in Brazil. Represents a major incumbent competitor with deep refining capacity and airline offtake relationships comparable to EcoCeres.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ecoceres-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EcoCeres