BioEnergy International Licenses Biocatalyst Technology to Purac, the Largest Lactic Acid Producer in the World
Tuesday June 6, 5:00 pm ET
NORWELL, Mass.--(BUSINESS WIRE)--June 6, 2006--BioEnergy International, LLC ("BioEnergy"), a developer of biorefineries and proprietary technologies to produce specialty chemicals and fuels from renewable feedstocks, grains and cellulosic wastes, announced today that it has signed an agreement to license one of its proprietary biocatalysts to Purac Biochem N.V., the largest lactic acid producer in the world. BioEnergy has an exclusive research agreement with the University of Florida and Dr. Lonnie Ingram to develop technologies to produce certain biorefined specialty chemicals from sugars and cellulose.
Purac will undertake commercial scale-up trials during 2006 to produce market development quantities of a new product using BioEnergy's proprietary biocatalyst and anticipates strong market interest. Under the terms of the exclusive agreement, BioEnergy will receive research funding and milestone payments prior to commercial production. Assuming successful commercial scale-up, BioEnergy will receive milestone payments and royalties from Purac's future sales and use. "The signing of this agreement will accelerate the commercialization of our biocatalyst technology and furthers the advancement of our renewable resource-based products and materials efforts," stated Stephen Gatto, Chief Executive Officer of BioEnergy. "Based on the success of our collaboration effort on this project, we look forward to working with Purac to commercialize this technology and explore other opportunities of mutual interest."
"This novel catalyst is just the first of several in our pipeline which BioEnergy has targeted for commercial deployment over the next three to five years," stated Dr. Joseph Glas, Vice President, Research and Development, BioEnergy. "We have a strong partnership with the University of Florida and Dr. Ingram that has led to the development of several promising new biocatalysts for the production of specialty chemicals."
BioEnergy International, LLC, headquartered in Norwell, Massachusetts, is a privately held, biotechnology company focused on developing biorefineries and proprietary technologies to produce specialty chemicals and renewable fuels from both traditional feedstocks and cellulose. BioEnergy currently has under development a pipeline of novel biocatalysts and two 108 million gallon per year ethanol plants which, over time, will utilize its proprietary technologies to produce high value specialty chemicals and renewable fuels.
Source: BioEnergy International, LLC
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