Ormat drops plans to build biodiesel plant in Israel, cites high global feedstock prices

In Israel, Ormat Industries said it was shelving plans to build a biodiesel plant, and writing down a $1.8 million investment in R&D in support of the proposed facility. The company will focus on its partnership with Evogene in the developing of high-yield, non-edible plants for as biodiesel feedstocks. The company said that high feedstock prices were the cause of the decision to suspend development.

Aside from a research deal between Vogene, Orfuel and the Israel-US Binational Industrial Research and Development Foundation for a 3-year research project in alternative energy, Israelis have been more active in biofuels acquisition and finance outside of the country.

Israeli investor Merhavv Group invested $700 million in jatropha cultivation in the East Nusatenggara province of Indonesia. The investment will support more than 220,000 acres of jatropha grown in the East Sumba district.

Israeli billionaire Arcadi Gaydamak and his Petro Group have been reportedly in talks to acquire a biodiesel plant in Bulgaria in a $21 million deal. Gaydamak bought Petro Group last June as part of a flurry of acquisitions in Israel. Petro Group owns gas stations and convenience stores in Europe and the US.

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