Novozymes wraps up deal with Beta Renewables on cellulosic biofuels

Nov 6, 2012 - Danish biotech company Novozymes A/S (CPH:NZYM B) said today it completed the purchase of 9.95% in Italy's Beta Renewables as part of a strategic partnership to commercialise and provide warranty services for cellulosic biofuel solutions.

The transaction was finalised on the same terms as initially announced on October 29. The price was EUR 90 million (USD 116m) in cash for the stake in Beta Renewables, marketing fees, intellectual property rights and milestone payments. The annual sales potential for Novozymes is projected at up to DKK 1 billion (USD 173m/EUR 134m) as the number of cellulosic biofuel facilities using its services is expected to increase by 15-25 in the next three to five years.

Beta Renewables is a joint venture between the Chemtex division of Italian chemical engineering firm Gruppo Mossi & Ghisolfi and private equity firm TPG.

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