China New Energy nabs EUR 72m in ethanol plant jobs in Hungary

Nov 18, 2013 - Bioethanol and biobutanol project developer China New Energy Ltd (LON:CNEL), or CNE, said today it had secured EUR 72 million (USD 97m) of orders to build two ethanol plants in Hungary.

The contracts, signed for a term of four years, were awarded by local firms Visontai Bioetanol Fejleszto Korlatolt Felelossegu Tarsasag and Helveciai Biouzemanyag Termelo es Kereskedo Kft.

CNE has already wrapped up the design for the two plants as part of the bidding procedures, it noted. It will construct the first bniorefinery within two years, with full commercial operations of the facility planned to be launched in 2016. The plant, to be operated by Visontai, will be able to produce 150,000 litres (40,000 gallons) daily of ethanol from corn. As part of the second deal with Helveciai, CNE will build a plant that will convert corn into 300,000 litres of ethanol per day.

CNE noted that the two plants will use its pre-treatment, fermentation, distillation and dehydration technology. Once completed, the biorefineries will be operated by Visontai and Helveciai, while CNE will deliver long-term training, support and maintenance services.

(EUR 1.0 = USD 1.350)

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