UPM scoop investment for potential France-based biodiesel facility
Finland-based bio and forestry business UPM has picked up multi-million investment to aid the construction of a biorefinery in France.
The European Commission has awarded a grant of €170 million ($222 million) as UPM earmark a wood waste-to-biodiesel facility based in Strasbourg.
‘This decision is recognition in regard to our knowledge in biofuels development work,’ says head of UPM Biofuels Petri Kukkonen. ‘The technology in this field continues to develop strongly and the experience we have gained from our other biorefinery project in Lappeenranta will help us bring this solid wood-based biorefinery to life.’
UPM believe the final assessment on the new project will take place over the next 12 to 18 months as it researches long-term wood availability and market prices, plus which way the EU will go on amendments to biofuels’ raw material-related directives.