29th Oct 2013 09:58
LONDON (Alliance News) - China New Energy Limited Tuesday said it has entered into a memorandum of understanding with Sunbird Bioenergy Africa Limited to develop a flagship biorefinery in Nigeria.
The newly listed bio-engineering technology company said the deal also included the possibility to extend this initial project to include a further nine refineries.
The company said design work on the first project has begun and the first plant is anticipated to be constructed within two years, entering full commercial production in early 2016.
The first project will convert cassava feedstock into 100,000 tonnes of anhydrous ethanol per year and CNE will supply its proprietary pre-treatment, fermentation, distillation and dehydration technology to the project.
China New Energy Limited shares were up 164.0% to 1.65 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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