NTR has launched a new bioenergy division, Bioverda with an investment of €120m. The new company will operate throughout Europe.
Bioverda will focus on three key areas of activity - methane (landfill gas and coal mine methane), biogas (liquid waste to energy) and biofuels (Biodiesel and bioethanol). NTR says it is anticipating a turnover of €300m within three years and aims to be a top five European player in the bioenergy sector.
NTR made an initial €30m investment last year in a biodiesel facility in Neubrandenburg in Germany. Producing biodiesel from rapeseed oil, the facility should be in production by the end of the year. The company has also started work on a second German plant.
As well as its biodiesel production capability, Bioverda is involved in the recovery of methane gas from landfills and coal mines and it will develop large scale anaerobic digestion plants. The first of these will be in Co Cork with plans to develop similar projects in Europe.
Johns Mullins has been appointed the company's new chief executive. He joins from Greenstar, NTR's waste management business, where he was Business Development Officer.
'There is a significant opportunity for our new business, with bioenergy projects being considered mainstream,' commented Mr Mullins. 'For example, EU legislation requires that 5.75% of transport fuel be in the form of biofuel by 2010. With the expected production of 160 million litres of biodiesel next year, we will play an important role in satisfying that requirement,' he added.
