US ethanol producer AE Biofuels acquires biotech firm Zymetis

06 July 2011 19:44  [Source: ICIS news]

HOUSTON (ICIS)--US ethanol producer AE Biofuels has acquired industrial biotechnology firm Zymetis, it said on Wednesday.

Maryland-based Zymetis develops products for the renewable chemicals and advanced fuels industries, AE Biofuels said.

“The combination of AE Biofuels and Zymetis enables the launch of new specialty chemical and renewable fuels products at an accelerated rate compared to the normal product development and construction cycle of three years or more,” said Eric McAfee, CEO of AE Biofuels. 

The company did not disclose the purchase price but said it issued 6.67m common shares to Zymetis shareholders as part of the deal. AE's shares were down 22% to US 25 cents/share on OTC Markets at 13:06 Eastern Standard Time (17:06 hours GMT).

Cupertino, California-based AE Biofuels operates a 55m gal/year ethanol plant in California.

AE's wholly-owned subsidiary, Universal Biofuels, operates a 50m gal/year biodiesel plant at Kakinada in India's Andrah Pradesh state.

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues

By: Stefan Baumgarten
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