NTR’S North American Ethanol Business Announces Joint Venture For Algae Production
NTR plc, a leading international developer and operator in renewable energy and sustainable waste management, is pleased to announce today that together with its North American based ethanol business, Green Plains Renewable Energy, Inc (NASDAQ: GPRE), it is entering a joint venture to carry out research and development in to the commercialisation of algae production as part of its commitment to “next” generation biofuels.
BioProcess Algae LLC, is a joint venture between affiliates of NTR, Green Plains, CLARCOR Inc. and BioProcessH20.
Commenting on the joint venture, Jim Barry, Chief Executive, NTR plc said: “While it is at a formative stage, we see this venture as being an important commitment on our part to advancing understanding of the possibilities of commercial production of algae as an alternative biofuel and as a carbon sequestration agent.”
“Algae is potentially a by-product of ethanol that makes the process cleaner and greener through carbon sequestration,” said Wayne Hoovestol, Chief Executive Officer, Green Plains. “Algae production fits into Green Plains’ business model since we are already in the business of marketing biofuel and feed products.”
“By partnering with Green Plains, we will fast-track our plans for the development of an industrial-scale solution for continuous algae production,” said Tim Burns, President of BioProcessH2O. “The modular system will be designed for use in ethanol and other industries that emit carbon dioxide.”
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About NTR plc
NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. It is Green Plains’ largest shareholder. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and bio-ethanol), and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people and has a market capitalization in excess of €1.3 bn ($2 bn).
About Green Plains
Green Plains, based in Omaha, Nebraska, has the strategy to become a vertically-integrated, low-cost ethanol producer. Green Plains’ ethanol segment operates ethanol plants in Iowa, Indiana and Tennessee with a combined expected annual ethanol production capacity of 330 million gallons. Green Plains’ agribusiness segment operates grain storage facilities and complementary agronomy, feed, and fuel businesses. Green Plains has grain storage capacity of approximately 22 million bushels.
About BioProcessH20
BioProcessH2O based in Portsmouth, Rhode Island, is a science / engineering-based developer of photobioreactors and filtration systems in the water and energy markets. BioProcessH2O is a joint venture between BioHoldings, Ltd., and CLARCOR.
About CLARCOR
CLARCOR is a multinational diversified marketer and manufacturer of mobile, industrial and environmental filtration products and consumer and industrial packaging products. CLARCOR is headquartered in Franklin, Tennessee.