11 April 2013 14:07 [Source: ICIS news]
HOUSTON (ICIS)--US renewable chemicals firm Genomatica and Italian chemicals major Versalis on Thursday launched their joint venture to develop bio-based butadiene.
The launch – with the signing of a definitive joint development and licensing agreement establishing the joint venture - follows a memorandum of understanding the companies agreed in July 2012.
Genomatica and Versalis said that the joint venture would develop a complete “end-to-end” process for the on-purpose production of butadiene from non-food biomass.
The process would be licensed across Europe, Asia and Africa. Licensees of the process, including Versalis, would provide the capital required for the construction and operation of their own plants, and be responsible for use and sale of the resulting butadiene, they said.
Versalis aims at being the first to license the process and build commercial plants. It will also provide more than $20m (€15m) in funding to Genomatica to support development of the integrated end-to-end process.
“The signing of this joint venture will offer Versalis a better way to start on an innovative path between the traditional butadiene production process, which positions the company as a leader in Europe, and any new opportunity for the application of biotechnologies within the chemical industry," said Daniele Ferrari, CEO of Versalis.
($1 = €0.76)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections