Mascoma purchases SunOpta Bioprocess
On 1 September Mascoma Corp, an innovative biofuels company, acquired biomass conversion technology producer SunOpta BioProcess (SBI).
The acquisition combines SBI’s fibre preparation and pre-treatment technologies with Mascoma’s bioprocessing technologies to create a company with capabilities for producing ethanol from non-food cellulose, such as wood chips, energy crops and organic solid waste.
'We are pleased to announce this important strategic acquisition,’ said CEO of Mascoma Bill Brady. ‘We share a common vision of solving one of the most important energy problems in the world, enabling a sustainable transportation fuel sector by converting cellulosic biomass to fuel in a low-cost, sustainable way.’
Both companies have made significant progress towards commercialising their technology and, as a result, now have development partners in the US, Canada, Brazil, South Africa and China.
The deal means that the combined company will be 73% owned by existing Mascoma shareholders, while SBI will own 18% and the remaining 9% by other SBI shareholders.
Talking about the purchase Steve Bromley, president and CEO of SBI, commented: ‘We believe that Mascoma is the ideal partner for SBI given its leading edge biotechnology in the conversion of non-food biomass into biofuels. This transaction allows SunOpta shareholders to continue to participate in the commercialisation of low-cost biofuels and xylitol through an equity investment in Mascoma.’
The acquisition combines SBI’s fibre preparation and pre-treatment technologies with Mascoma’s bioprocessing technologies to create a company with capabilities for producing ethanol from non-food cellulose, such as wood chips, energy crops and organic solid waste.
'We are pleased to announce this important strategic acquisition,’ said CEO of Mascoma Bill Brady. ‘We share a common vision of solving one of the most important energy problems in the world, enabling a sustainable transportation fuel sector by converting cellulosic biomass to fuel in a low-cost, sustainable way.’
Both companies have made significant progress towards commercialising their technology and, as a result, now have development partners in the US, Canada, Brazil, South Africa and China.
The deal means that the combined company will be 73% owned by existing Mascoma shareholders, while SBI will own 18% and the remaining 9% by other SBI shareholders.
Talking about the purchase Steve Bromley, president and CEO of SBI, commented: ‘We believe that Mascoma is the ideal partner for SBI given its leading edge biotechnology in the conversion of non-food biomass into biofuels. This transaction allows SunOpta shareholders to continue to participate in the commercialisation of low-cost biofuels and xylitol through an equity investment in Mascoma.’
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