Ennovor Group raises USD 12m to expand biofuel business
Nov 7, 2013 - UK biofuel processor Ennovor Group said today it had raised USD 12 million (EUR 8.9m) via a capital hike adding that it plans to spend the proceeds on expanding its supply chain, production and feedstock capabilities.
Ennovor said in a statement it will spend the raised amount during the current quarter to increase the capacity of its Bromborough facility and to extend its European tolling programme. The company noted it had recently opened regional offices in Singapore, Dubai and Hong Kong.
Switzerland-based asset manager Black Pearl Capital Group led the capital increase.
Also today, the group announced that its unit Organic Waste Management (UK) Ltd had changed its name to Ennovor Biofuels Ltd.
Ennovor’s current annual production capacity surpasses 100,000 tonnes of biofuel. Its goal is to boost that amount to 400,000 by the middle of 2015.