A new biofuels company based in Galway has secured a €10m investment from Canadian company Micromill System.

Eirzyme was founded as a result of technology developed at NUI Galway and has set up initial research laboratories at an NUI Galway facility funded by Enterprise Ireland.

The new company will produce low-cost enzymes to convert biological materials such as brewers' grains into bioethanol and biogas, which are alternatives to petrol and diesel.

Micromill manufactures an automated portable sawmill.