M&G Chemicals enters JV with Anhui Guozhen on giant Beta Renewables plant
The company – Anhui M&G Guozhen Green Refinery CO, Ltd – will employ PROESA technology licensed by Beta Renewables to convert 970,000-1,300,000 metric tons per year of agricultural residues into cellulosic ethanol, glycols and by-products such as lignin in Fuyang City (Anhui Province, PRC). The biomass will be supplied by Guozhen under a long term fixed price agreement, and the enzymes needed for the conversion of the biomass will be supplied by Novozymes as earlier announced.
M&G and Guozhen shareholding in the Green Refinery JV are 70% and 30% respectively and the total joint venture investment is estimated to be around $325 million, to construct what will be by far the largest cellulosic bio-refinery in the world. The two companies further expect to soon announce the creation of a second JV, to convert the lignin into steam and electricity.
Category: Fuels