Pure Power Global acquires New Zealand ethanol firm as NZ continues to shun public or private biofuel investment

In New Zealand, Pure Power Global has acquired BioJoule, a development stage biofuels company with a goal of producing ethanol from shrubby willow. The transaction was valued at NZ$6 million in cash and 1.6 million shares in Pure Power.

BioJoule had experienced difficulties in raising capital in New Zealand to execute its strategy.

New Zealand’s Prime Minister Helen Clark has committed the government to use B10 blends or electric power for 80 percent of its fleet by 2015, and the country has a 3.4 percent biofuel mandate target for 2012.

In August, a 10 percent ethanol blend went on sale in New Zealand, prompting strong public support from the Green Party while the Director of New Zealand’s Advanced Energy and Material Systems Lab called biofuels a “waste of time and money”.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

New Zealand firm receives $12 million grant for pilot-scale production of biofuel from carbon monoxide

In New Zealand, LanzaTech received a $12 million grant to research the biofuel potential of a process that uses bacteria to produce ethanol from carbon monoxide. The company will construct a pilot-sca...

New Zealand researchers receive grant to study biofuels from bacteria, waste water

In New Zealand, researchers at the University of Otago have received a $200,000 grant to isolate bacteria based on their ability to produce ethanol, hydrogen and other bioenergies. The project will fo...

Chinese investment firm acquires 20 percent of Southridge ethanol project in El Salvador for $4 million

  In El Salvador, Southridge Enterprises has finalized a deal with Beijing-based Shenyang Rrzk in which the Chinese investment firm would acquire 20 percent of the 20 Mgy El Salvador ethanol proje...

Today in Biofuels: Algae blooms in US, as two companies sold in Australian biofuel firesale

Top Story: In Australia, Agri Energy has sold its Swan Hill ethanol project in Victoria to an undisclosed securities firm for $1 million. The company will use the funds for its Beatrice Biodiesel p...

Pure Power to set up “Brains Trust” for lignocellulosic R&D

In New Zealand, Pure Power announced that it is increasing its R&D effort by setting up a “Brains Trust” in lignocellulose. Under the leadership of one of Dr Jim Watson, Pure Power’s Energy ...

Pure Power readies NZ cane willow ethanol plant for spring ‘09 opening

In New Zealand, Pure Power Technology expects to have a pilot plant operating by spring 2009 to produce ethanol from cane willow. A biofuel company planning to produce ethanol from a type of willow ex...