EIB lends €65 million to Mossi and Ghisolfi Group for production of second-generation bioethanol
13 December 2013
The European Investment Bank (EIB) is providing a €65-million (US$89 million) loan to support the research and development projects of Biochemtex, an engineering subsidiary of the Mossi and Ghisolfi Group.
Biochemtex’s 2013-2016 investment program concerns research carried out in facilities in Rivalta Scrivia (Piedmont) and Modugno (Puglia) in Italy to improve the technologies for converting non-food biomass to biofuels and other chemical molecules with industrial applications including ethylene glycol, a raw material used in the production of PET (a plastic used in food packaging).
EIB said that Biochemtex’s program is eligible for financing by the EU’s bank for a number of reasons:
- Research into the production of second generation biofuels will help to reduce dependence on oil without using potential food resources;
- the resultant reduction of pollution will support the EU and EIB’s efforts to combat climate change;
- more than 50% of the investment will be carried out at facilities in Modugno, Puglia, an EU convergence region; and
- Biochemtex’s total investment of €133 million (US$183 million) will create new jobs for highly qualified researchers and scientists.
After seven years of studies and a €150-million (US$206 million) investment, Biochemtex developed the Proesa process, an exclusive technology platform commercialised by Beta Renewables. Proesa is used to produce bio-fuels and chemical intermediates and it has been demonstrated on an industrial scale at the Crescentino plant.
Biochemtex is also developing a new technology called MOGHI to convert lignin into bio-diesel and other aromatics, largely used in the industrial field.