(SeeNews) - Oct 10, 2013 - Beta Renewables, a company controlled by Italian chemicals group Mossi&Ghisolfi, on Wednesday opened a commercial-scale cellulosic ethanol plant, the Crescentino bio-refinery in northern Italy, worth an investment of EUR 150 million (USD 202.5m).<br /> The plant has an annual production capacity of 75 million litres of bioethanol, earmarked for the European market. The bioethanol has various applications and could be used in the production of alcohol, chemicals and fuel. The Crescentino project has developed a technology for biofuels production from non-food agricultural materials, transforming the cellulose and hemicellulose contained in biomass into simple sugars. The bioethanol produced in Crescentino is derived from rice straw, wheat straw and from Arundo donax, the common giant reed.<br /> The engines of most cars currently sold on the market can function with a fuel mix containing 15% ethanol, Beta Renewables CEO Guido Ghisolfi said. The market is very large and ethanol could be competitive as long as the oil prices remain over USD 70 (EUR 51.9) per barrel, the manager added.<br /> The company plans to open new plants in southern Italy -- in Sicily, Sardinia and Apulia -- while Beta Renewables' Proesa technology for ethanol production from biomasses will be sold worldwide. Beta Renewables has already signed accords in Brazil, Colombia and the USA.<br /> The growth envisaged by the company's business plan will be supported by the current shareholders -- the controlling group M&G Chemicals, US fund TGP, which holds a 22.5% stake, and Danish Novozymes (CPH:NZYM-B) with 10% of the capital. Besides, according to daily Milano Finanza, a Japanese investor will soon enter the project.<br /> Furthermore, M&G Chemicals is preparing its stock market debut and the prospect for the listing has already been filed. The initial public offering (IPO) will take place by the end of the year with a floating capital of at least 30%.
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