China-based Sino Bioenergy has completed a transaction to own a controlling stake in Huizhou Biotech.
Sino has spent $13.5 million (€10.1 million) to acquire a 55% stake in the research company, which will produce around 3,000 tonnes of rice as biomass feedstock a year.
‘This is a significant acquisition that will start producing profit immediately for us,’ says Sino CEO Daniel McKinney. ‘We will have our own significant source of feedstock for refuse-derived waste products and fuel for the China market. With our patents behind this technology, we will anticipate being able to expand our production at Huizhou by 50% per year.’
Huizhou currently works over 380 hectares of farm land but this is set to expand to 1,334 in 2013 as both companies aim to rise feedstock figures to approximately 12,000 tonnes of biomass feedstock.