Future Fuels to construct £200 million bioethanol refinery
Future Fuels, the Renewable Transport Fuel investment product of Future Capital Partners (FCP), has acquired a site and planning permission for its bioethanol refinery in Grimsby, UK.
The project will be owned, funded and constructed by FCP and Vireol as they are undertaking the project together.
Construction of the site is due to begin mid 2010 and cost approximately £200 million (€221 million). 750 jobs will be created for the duration of the build and 70 permanent jobs will be available when the plant has been completed. As well as bioethanol, the facility will produce Distillers Dried Grains and Solids (DDGS) from half a million tonnes of wheat.
Tim Levy, CEO at FCP, said: ‘EU environmental targets mean, simply, that everyday motorists will require the petrol in their tanks to be blended with a greater proportion of bioethanol by 2016-2017. This is one of only three production plants in the UK.’
It is expected that 13% of all Europe’s petrol must be sourced from renewable material by the year 2020. With this target looming, the Renewable Transport industry is expected to grow more than tenfold in the next 10 years as only 3.5% of Europe’s petrol is currently produced from sustainable sources.
The biofuels produced at the Grimsby plant will be the equivalent of taking 60,000 vehicles of the roads every year.
The project will be owned, funded and constructed by FCP and Vireol as they are undertaking the project together.
Construction of the site is due to begin mid 2010 and cost approximately £200 million (€221 million). 750 jobs will be created for the duration of the build and 70 permanent jobs will be available when the plant has been completed. As well as bioethanol, the facility will produce Distillers Dried Grains and Solids (DDGS) from half a million tonnes of wheat.
Tim Levy, CEO at FCP, said: ‘EU environmental targets mean, simply, that everyday motorists will require the petrol in their tanks to be blended with a greater proportion of bioethanol by 2016-2017. This is one of only three production plants in the UK.’
It is expected that 13% of all Europe’s petrol must be sourced from renewable material by the year 2020. With this target looming, the Renewable Transport industry is expected to grow more than tenfold in the next 10 years as only 3.5% of Europe’s petrol is currently produced from sustainable sources.
The biofuels produced at the Grimsby plant will be the equivalent of taking 60,000 vehicles of the roads every year.
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