01 April 2013 18:35 [Source: ICIS news]
CAMPINAS, Brazil (ICIS)--Brazil biofuel firm GraalBio said on Monday that it has changed its name to GranBio to respect a registration made previously by another company that operates in the food and fuels distribution industries.
"After a dialogue between [both] groups, in common agreement we accepted the arguments regarding the property rights of the company which already had [owned] the brand for more time," said Bernardo Gradin, president at GranBio.
GranBio is building a cellulosic ethanol plant in the state of Alagoas that is expected to begin operations by 2014. The plant will have a capacity to produce 82m litres of ethanol/year.
Earlier this year, Brazilian development bank Banco Nacional de Desenvolvimento Economico e Social (BNDES), through its investment arm, bought a 15% stake in GranBio for reais (R) 600m ($294m, €229m).
The injection of funds will be made gradually in line with the biofuel firm’s execution of its business plan, BNDES said in a statement.
Over the next six years, the biofuel firm is planning an investment of around R4bn, BNDES said.
Apart from building the biochemical and cellulosic ethanol plants, the resources will be used in research and development of technologies for the improvement of technologies on the use of biomass sugarcane, and on sugarcane genetic improvement, the bank said.
($1 = €0.78; $1 = R2.02)
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