Vnesheconombank, Bright Capital, and Renmatixconsider implementation of an investment project in biochemical and biofuels industries
MOSCOW – October 31, 2012 –During the first Moscow International Forum for Innovative Development Open Innovations, the State Corporation ‘Bank for Development and Foreign Economic Affairs’ (Vnesheconombank), venture capital firm Bright Capital Management, and Renmatix, the leading manufacturer of biobased sugar intermediates,signed a Memorandum of Understanding (MOU)to jointly considermutually beneficial relationships, potential collaboration and investment in the biochemical and biofuelsindustries.
Under the MOU, the companies are working together topursue the development of a series of industrial plants that will produce cellulosic sugar from woody biomass, with near term end markets serving cellulosic ethanol demand in Europe, by leveragingRenmatix’sproprietary Plantrose™ technology. The total amount of potential investmentis up toapproximately 750 million USD.
Renmatix and Bright Capital will collaborate to bring financial and strategic partners together for market development. The parties will manage primary aspects of future licensing for Plantrose technology into the Russian Federation, andengagement of key Russian and international industrial partners – such as wood processors – to participate in successful development of such facilities and facilitate equity financing.In order to further develop the relationships established by the MOU, the parties have agreed to establish a task team with representatives from each organization.
About Vnesheconombank:
State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 through a transformation of Bank for Foreign Economic Affairs of the USSR.
Vnesheconombank operates in conformity with Federal Law No. 82-FZ dated May 17, 2007 “On Bank for Development”. The Memorandum on Financial Policies approved by Resolution of the Government of the Russian Federation No. 1007-r dated July 27, 2007 sets forth major business lines and indicators of the Bank’s performance.
The Supervisory Board headed by Chairman of the Russian Government is Vnesheconombank’s supreme governing body.
Vnesheconombank is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.
About Renmatix:
Renmatix is the leading manufacturer of cellulosic sugar, an enabling feedstock for petroleum alternatives used in the global biochemical and fuels markets. The company’s proprietary Plantrose™ process challenges conventional sugar economics by cheaply converting cellulosic biomass – from wood waste to agricultural residue – into useful, cost-effective sugars. Renmatix’s supercritical hydrolysis technology deconstructs non-food biomass an order of magnitude faster than other processes and enhances its cost advantage by using no significant consumables. Renmatix is privately held, with operations in Georgia (USA) currently capable of converting three dry tons of cellulosic biomass to Plantro™ sugar per day, and a world-class technical center in Pennsylvania (USA). For more information, visit www.renmatix.com.
About Bright Capital:
Bright Capital is independent venture capital firm investing globally in high tech companies in consortiums with leading international venture capital firms and corporations. The focus is on advanced materials, energy efficiency, biochemistry, telecommunications and information technology. The firm facilitates technology transfer of best international technologies to Russia to support innovative development in the region.
Origin: Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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