MILAN, ITALY (Oct. 13, 4 p.m. ET) — Gruppo Mossi and Ghisolfi and TPG Capital and TPG Biotech have formed a joint venture to license M&G technology that enables production of fermentable sugars from cellulosic biomass.
The sugars can then be converted into bio-ethanol or other chemical products and intermediates.
TPG and M&G are investing total capital of 250 million euros into the JV, called Beta Renewables. Milan-based M&G will hold a majority stake.
M&G's Chemtex subsidiary developed the technology and has a pilot plant in Tortona, Italy and an industrial-scale plant under construction in Crescentino, Italy. Both plants will become part of the JV company.
Initially the JV will focus on bio-fuels.