Momentum in Motion

By Wayne Mulligan, CEO NZ Bio Forestry.

I’m writing this somewhere over the Pacific, heading to yet another round of meetings. Travel has become second nature these days, but this trip feels different. For years, our team has been laying the groundwork at NZ Bio Forestry (NZBF) – and now, finally, we’re seeing those efforts take shape in a way that’s both exciting and humbling.

A Partnership with Real Weight

We have recently signed a Heads of Agreement with Pegasus Capital Advisors, L.P., the first North American private equity firm accredited by the Green Climate Fund. For me, this partnership represents more than capital. It’s about aligning with a global leader who shares our vision: building the infrastructure for biochemicals, bioplastics, biofuels, and biomaterials that will benefit communities, economies, and the environment.

The opportunity ahead is enormous. Together, we’re setting out to establish 6–8 integrated biorefinery sites across New Zealand and more than 10 across the Asia-Pacific region. Just as importantly, we’re committed to anchoring secondary manufacturing on these sites, ensuring the value chain stays connected to local communities both here in Aotearoa and across the region.

Valuable Additions to Our Team

And to help us develop investor partnerships, we are pleased to announce that Adrian Orr, former CEO of the NZ Super Fund, Governor of the Reserve Bank of New Zealand, and Simon Tyler, former CEO of the Government Superannuation Fund Authority and the National Provident Fund, both with 30 years of banking and investment experience, have joined the company to support our international capital raise program and global expansion.

With their proven leadership and international investment experience, the company is accelerating our mission to deliver scalable investment solutions for the global bio-economy.

From Vision to Proof

Looking back, it’s striking how far we’ve come. A few highlights that stand out:

• Signing the Heads of Agreement for our first NZ site, after carefully evaluating six locations.

• Securing an offtake agreement with PanCycle for 25,000 tonnes of PLA annually, scaling to 100,000 tonnes – a material currently valued at between US$3,300 and US$4,000 per tonne.

• Progressing engineered wood supply contracts for our US clients.

• Engaging with Asia-based parties eager for our bioenergy products.

• Locked in a term sheet for capital to support the first biorefinery with a Taiwan/Hong Kong group (despite a few delays caused by Liberation Day and tariff issues).

• Scheduling meetings with a New Zealand and Māori investor consortium this coming September.

  
  

Add in the recognition we’ve received – a Top Global 100 R&D Award and invitations to address some of the world’s leading financial leaders. It’s clear our momentum is building.

A Busy Month Ahead

September is shaping up to be an even bigger defining month for NZBF. Our team, including Adrian and Simon, will be on the move constantly – from Asia (Taiwan, Japan, Thailand) to Singapore for IMPACT Week, and then on to New York for back-to-back events.

In New York, we’ll be finalising plans with Pegasus and stepping onto the stage at two major forums: the UN’s Climate Solutions Week (hosted by Pegasus) and Climate Week NYC. I’ve also been invited to speak at both IMPACT Week and Pegasus’ event, which is a privilege I don’t take lightly.

These gatherings are more than conferences – they’re about putting NZ Bio Forestry at the centre of global conversations on climate action, green capital, and innovation.

Taking Our Story Global

Over the next few weeks, you’ll see more media from us and from Pegasus. Together, we’ll be highlighting what makes our model unique: the combination of global scalability with the depth of Māori values and narratives. That cultural foundation is not just important to me personally – it’s proving to resonate strongly with global investors.

We’re also partnering with BLU Hope, the organisation driving plastics-neutral programmes across Southeast Asia and Melanesia, backed by none other than Sir David Attenborough. I’ll be meeting their founders in New York, and together with Pegasus and their networks, we’ll be carrying our message and innovation all the way to Brazil for COP30.

As I look out the window of this plane, I can’t help but reflect on the journey so far. What started as a vision is now becoming reality. The agreements are signed, the capital is starting to line up, and the world is listening.

It’s a privilege to lead NZ Bio Forestry at this moment – and I look forward to sharing more of the progress we’re making as we help reshape what’s possible for New Zealand and beyond.

Ngā mihi 

Wayne Mulligan

CEO, NZ Bio Forestry