Russian and U.S. consortium mull joint investment in US$750 million biomass-to-sugar plants

Russian-based Bright Capital Management, U.S. cellulosic sugar producer Renmatix and Russian state-run lender Vnesheconombank (VEB) are working on the idea of a joint investment in biomass-to-cellulosic sugar plants, which would cost up to US$750 million. The memorandum of understanding (MoU) for potential cooperation in the biofuels and biochemical industries was struck during the First Moscow International Forum for Innovative Development Open Innovations.
Under the MoU, Renmatix and Bright Capital will be tasked to attract financial and strategic partners for market development, and work on the aspects of future licensing for Renmatix’s Plantstone technology in the Russian Federation. Renmatix Director Duncan Cross said Russia had ample supply of woody biomass, which Renmatix’s water-based conversion technology can quickly and efficiently convert into cost-efficient building blocks of bioethanol and other sustainable chemicals and fuels. (November 1, 2012)