Novozymes, Beta Renewables JV cellulosic biofuel market

Novozymes, Beta Renewables JV for cellulosic biofuel market

9:31 AM, 29th October 2012
Novozymes, Beta Renewables JV for cellulosic biofuel market
Peder Holk Nielsen, Executive Vice President, Novozymes.

BAGSVAERD, DENMARK: Novozymes and Beta Renewables will jointly market, demonstrate and guarantee cellulosic biofuel solutions. As part of the agreement, Novozymes will acquire a 10 per cent share in Beta Renewables, paying approximately $115 million cash for the equity, marketing fees, other intellectual property rights and milestone payments.

The partners will offer customers looking to produce biofuels from agricultural residues, energy crops and other cellulosic feedstocks a combination of Novozymes’ Cellic enzymes and Beta Renewables’ PROESA engineering and production technology. Beta Renewables will embed Novozymes’ enzymes in the PROESA technology and guarantee biofuel production costs upon start-up of customers’ cellulosic facilities. The deal is unique in offering a combined solution that reduces the risk in customers’ projects while providing competitive commercial terms.

“Large-scale commercialization of cellulosic biofuels is taking off, and this is a fantastic opportunity for Novozymes. Beta Renewables is building advanced biofuel facilities all over the world and, by being their preferred enzyme supplier, Novozymes will gain access to significant new business opportunities. We expect Beta Renewables to be able to contract 15-25 new facilities within the next three to five years. The sales potential for Novozymes from these plants could be up to $175 million,” said Peder Holk Nielsen, Executive Vice President, Novozymes.

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