New funds to cement biofuels amalgamation

Biofutures International has raised £32.5 million (€37.3 million) via share placing to help with its proposed acquisition of Malaysia-based biofuels company Platinum NanoChem (PN).

PN is a global nanotechnology company which designs, manufactures and markets a range of speciality chemicals and advanced materials, including graphene, from waste feedstocks.

The new capital will provide the newly-named company, Graphene NanoChem, with sufficient funds to implement an expansion strategy and also capital for working purposes.

‘The proposed acquisition of Platinum NanoChem and the successful fundraising represents a significant opportunity to enhance shareholder value,’ Biofutures CEO Joe Wong says.

Biofutures International is the parent company of Zurex, which owns and operates a 200,000 tonnes a year palm oil facility in Sabah.