Utopia is a majority shareholder in Wakud International which owns and operates Oman’s first dedicated biodiesel refinery. The collaboration seeks to develop and scale next-generation sustainable biofuel production to address one of the most difficult challenges in the fight against climate change: producing sustainable aviation and maritime fuel at commercial scale.

According to Biofuels International, "following successful discussions with government representatives and industry leaders, Manshu Agarwal, CEO of HutanBio, said the partnership reflects a shared ambition to position Oman at the forefront of the global clean energy transition."Oman is perhaps the single best place on Earth to build and scale this project, particularly because of its geopolitical stability, excellent human capital and refinery infrastructure in oil and gas, and of course the ideal climate for growing this algae," he stated.The first site is set to deploy in late 2027, before massive scale expansion in Oman, followed on by deployment through licensing in Asia, Northern Africa, Australia and parts of the US - supporting the needs of the entire aviation and maritime industry.