DuPont in $140m cellulosic ethanol JV
Cairo, June 9, 2008
DuPont has announced a joint-partnership agreement to develop and commercialise the leading, low-cost technology solution for the production of cellulosic ethanol - a next generation biofuel produced from non-food sources.
DuPont is further demonstrating its commitment to creating sustainable solutions essential to a better, safer, healthier life for people everywhere, a company official said.
“With food and gas prices surging at double-digit rates, there is an imperative for sustainable biofuels technologies. This joint venture addresses this issue head on,” said DuPont chairman and CEO Charles O. Holliday, Jr.
“By integrating our companies’ strengths and expertise in this new venture, we are significantly increasing the potential to make cellulosic ethanol from multiple non-food sources an economic reality around the world,” he noted.
The biofuel industry is a $75 billion global market opportunity. DuPont’s agreement with one of the world’s leading companies in the industrial biotechnology sector will give each entity a 50/50 stake in the global joint venture.
The partners plan an initial three-year investment of $140 million for the development and deployment of second generation ethanol from non-food feedstocks.
“This joint venture will be a powerhouse of discovery, development and engineering, clearly in line with DuPont’s 2015 Sustainability Goals,” said Khaled El-Dessouky, country manager DuPont Egypt and North Africa Growth Leader.
“This agreement represents a major step forward to assess viable options for sustainable energy and generate revenues from non-depletable resources, which are only two of the numerous commitments DuPont has made to ensuring a better, more sustainable future for everyone.”
The news comes soon after the company held a successful panel discussion on “Fuelling the Future” at the World Economic Forum in Sharm El Sheikh from May 18 to 20.
As testament to the company’s long-standing commitment to improving the environment, this month DuPont – one of the first companies to publicly establish environmental goals 18 years ago – received five awards from the American Chemistry Council (ACC), all focused on the company’s energy conservation efforts.
DuPont has broadened its sustainability commitments to include market-driven targets for both revenue and research and development investment.
The goals are tied directly to business growth, specifically to the development of safer and environmentally improved new products for key global markets.-TradeArabia News Service