29 July 2014
M&G Chemicals today announces that has entered into a Sino-foreign joint venture with Anhui Guozhen CO, Ltd .

The company – Anhui M&G Guozhen Green Refinery CO, Ltd – will employ PROESATM technology licensed by Beta Renewables to convert 970,000-1,300,000 metric tons per year of agricultural residues into cellulosic ethanol, glycols and by-products such as lignin in Fuyang City (Anhui Province, PRC). The biomass will be supplied by Guozhen under a long term fixed price agreement, and the enzymes needed for the conversion of the biomass will be supplied by Novozymes as earlier announced.
The two companies further expect  to soon announce the creation of a second JV, to convert the lignin into steam and electricity.