Viridas to raise funds
In an attempt to kick start its commercial biofuel production project, Viridas has announced a €940,000 share placing to fund a plantation in Brazil.
The share placing is just one of the ways the Leeds, UK-based company is raising money to establish a new administrative organisation in Brazil and to buy a 250 hectare farm in Bahia.
Stanley Wootliff, chairman of Viridas, said: ‘The placing provides Viridas with the additional working capital to move to the next stage of its development programme and to take advantage of the growing EU demand for compliant sustainable biodiesel and biomass sourced from a dedicated energy crop’.
Earlier this year the group needed around €5.5 million to fund the plantation but has since struggled to reach that amount due to the recession.
The company hopes that the share will bring in more investments so it can continue with its production plans.
Viridas has predicted the plantations’ annual production to be around 60,000 tonnes of crude jatropha oil and 240,000 tonnes of biomass.
The share placing is just one of the ways the Leeds, UK-based company is raising money to establish a new administrative organisation in Brazil and to buy a 250 hectare farm in Bahia.
Stanley Wootliff, chairman of Viridas, said: ‘The placing provides Viridas with the additional working capital to move to the next stage of its development programme and to take advantage of the growing EU demand for compliant sustainable biodiesel and biomass sourced from a dedicated energy crop’.
Earlier this year the group needed around €5.5 million to fund the plantation but has since struggled to reach that amount due to the recession.
The company hopes that the share will bring in more investments so it can continue with its production plans.
Viridas has predicted the plantations’ annual production to be around 60,000 tonnes of crude jatropha oil and 240,000 tonnes of biomass.
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