BETA RENEWABLES S.p.A. is a joint venture involving M&G (through its Chemtex subsidiary) with TPG Capital and TPG Biotech that was established in October 2011 to exclusively license PROESATM Technology for bio-chemical and/or biofuel applications into the global marketplace. The principals have invested €250 million of capital into the company with M&G holding a majority stake.
BETA RENEWABLES owns the continuous PROESATM pilot plant located in Rivalta, Italy and the 40 ktpa (50 MLpa) industrial plant in Crescentino, Italy. The company will focus on biofuels and new bio-chemical processes that will replace important and strategic petroleum-based chemicals. BETA RENEWABLES will continue to work closely with Chemtex’s R&D Department.
“TPG has evaluated a large number of opportunities in the renewables space and we believe that the PROESATM technology represents the most viable and practical cellulosic sugar technology platform on the market today,” said Dr. Patrick McCroskey of TPG Biotech.
Guido Ghisolfi, President and CEO of BETA RENEWABLES and majority shareholder of Chemtex added that “M&G and Chemtex are very pleased that TPG, a world renowned private investment firm, has made this investment into BETA RENEWABLES. We strongly believe that PROESATM is the break-through that the industry has been seeking and TPG’s sizable investment is further validation of this view. This investment also facilitates our continued research and development into the growing green chemistry field.“
For more information about BETA RENEWABLES, please refer to: www.betarenewables.com
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