Novozymes, Beta Renewables partner to provide cellulosic biofuel technology
Novozymes and Beta Renewables have formed an alliance to jointly market, demonstrate and guarantee cellulosic biofuel technology.
Under the agreement, Novozymes will acquire a 10% stake in Beta Renewables and pay about €90m for the equity, marketing fees, other intellectual property rights and milestone payments.
The partners will offer a combination of Novozymes' Cellic enzymes and Beta Renewables' Proesa technology to customers seeking to produce biofuels from agricultural residues.
Beta Renewables will unveil a cellulosic ethanol plant in Crescentino, Italy which is expected to produce 50 million liters of ethanol annually from wheat straw, energy crops with a capacity of 76 million liters.
Novozymes expects to benefit up to DKK1bn from 15-25 new cellulosic biofuel facilities that Beta is likely to contract in the next three to five years.
The agreement is expected to be closed by the end of November 2012.