EIB lends millions for production of second generation bioethanol

The European Investment Bank (EIB) is providing a €65 million ($89.3 million) loan to support Biochemtex, an engineering subsidiary of second generation biofuel production technology provider Mossi and Ghisolfi Group.

Biochemtex’s 2013-2016 investment programme will look into ways to improve technologies for converting non-food biomass to biofuels and other chemical molecules with industrial applications within facilities in Italy.

The company picked up the investment because of the perceived benefits it brings including research into the production of second generation biofuels and the reduction of pollution to support the EU and EIB’s efforts to combat climate change, while Biochemtex’s total investment of €133 million will create new jobs for researchers and scientists.