British company Vireol is planning to raise about US$ 125 million to invest in building a bioethanol plant in England, Bloomberg reported. The ethanol produced will be refined from UK feed wheat.
The company intends to raise the money by the first quarter, Chief Executive Officer David Knibbs told the news agency. The building of the facility will start next year and operations in 2016. According to the company´s website, thhe new unit will produce 200m litres of sustainable UK ethanol each year.
“Hopefully over the next year the U.K. will start to introduce E10, which would be 10 percent ethanol blended with petrol,” the CEO said.