Germany's CropEnergies starts CO2 plant, targets 20% revenue growth

11 January 2011 16:05  [Source: ICIS news]

TORONTO (ICIS)--German biofuels firm CropEnergies has started up its new carbon dioxide (CO2) liquefaction plant at Zeitz in Saxony-Anhalt state, it said on Tuesday.

The 100,000 tonne/year plant had begun supplying customers in the food and drinks industry and other related industries, in which CO2 is used as a refrigerant and in the production of dried ice, the company said.

CropEnergies also said it expected its full-year fiscal 2011 revenues to rise 20% year-on-year to €440m ($571m) and its operating profit to reach €40m, after the first nine months ending on 30 November 2010 exceeded expectations.

CropEnergies would benefit from strong growth in Germany, which introduced 10%-ethanol (E10) blended gasoline on 1 January, it said.

The company's bioethanol plants in Zeitz and at Wanze in Belgium had been certified under environmental sustainability standards and were well placed to benefit from the growth in Germany, it added.

For the first nine months, CropEnergies reported an operating profit of €32.0m, up from €3.6m in the same period a year before, as revenues rose 24% to €349m on a 16% increase in bioethanol production to 509,000 cubic metres, the company said.

($1 = €0.77)

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By: Stefan Baumgarten
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