Italy’s M&G forms joint venture with US investment firm TPG

13 October 2011 14:20  [Source: ICIS news]

London (ICIS)--Italy-based chemical manufacturer Mossi and Ghisolfi (M&G) has formed a joint venture (JV) with US investment firm TPG to license new bioethanol technology in the global market, the company said on Thursday.

The two companies will invest €250m ($343m) in the JV, Beta Renewables, to license the new technology produced by M&G subsidiary Chemtex, the company said.

As part of the agreement, M&G will transfer to a pilot plant in Tortona, Italy, and a new 40,000 tonne/year cellulosic ethanol plant in Crescentino, Italy.

“Beta Renewables is in [a] position to broadly deploy this advanced technology into the global marketplace, and we expect that it will quickly establish a leadership position in this regard,” said Patrick McCroskey, TPG Biotech principal.

The new plant is scheduled for production by mid-2012, and will be the first industrial facility in the world producing second-generation bioethanol, the company stated.

($1 = €0.72)

For more on bioethanol visit ICIS chemical intelligence

By: Leigh Stringer
+44 208 652 3214

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