China New Energy in joint venture for bioethanol technologies

China New Energy has agreed to form a joint venture with two other Chinese companies. The joint venture company, Jilin Tianyi Biochemical Development Co. Ltd., will exploit and commercialize bioethanol production technologies as well as engineering solutions in the country and other parts of the world. China New Energy will hold a 34% stake in the joint venture and Jilin Ethanol Industrial Co. Ltd. will hold 51%, while Jilin City Keda Applied Technology Development will hold a 15% stake. (December 5, 2011)