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Comment Business & Economics

M&G Group partners with TPG to form Beta Renewables  

By Gerald Ondrey |

Gruppo Mossi and Ghisolfi (M&G; Milan, Italy; www.gruppomg.com), through its wholly-owned subsidiary Chemtex (Wilmington, N.C.; www.chemtex.com), has founded Beta Renewables, a joint venture (JV) with TPG Capital and TPG Biotech (collectively TPG; San Francisco, Calif.; www.tpgbiotech.com), established to exclusively license Chemtex’s Proesa Technology into the global marketplace. Prosesa is said to be a break-through technology enabling production of fermentable sugars from cellulosic biomass; these cost-effective sugars can then be converted into bio-ethanol or other chemical products and intermediates. TPG and M&G are investing total capital of €250 million into Beta Renewables, in which M&G will hold a majority stake. Under the terms of the agreement, M&G will transfer to Beta Renewables the pilot plant in Tortona, Italy and the 40,000 metric ton (m.t.) per year industrial-scale cellulosic-ethanol plant currently being constructed in Crescentino, Italy. The plant is scheduled for start-up at the end of H1 2012 and will be the first industrial facility in the world producing second-generation bioethanol. The new company will focus initially on biofuels, however, new bio-chemical processes are being developed…
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