October 31, 2012 – MOSCOW – Renmatix, the leading manufacturer of biobased sugar intermediates for global chemical and fuel markets, has signed a non-binding Memorandum of Understanding (MOU) with the State Corporation ‘Bank for Development and Foreign Economic Affairs’ (Vnesheconombank, VEB) and venture capital firm Bright Capital Management that includes opportunities for collaboration and potential investment in Russia’s growing biochemical and biofuels industries. Under the MOU, the companies are exploring the development and financing of a series of commercial plants leveraging Renmatix’s proprietary Plantrose™ technology to produce cellulosic sugars from hardwood biomass.
Renmatix CEO Mike Hamilton offered the following statement in response to the MOU.
“Russia offers abundant supply of low-cost woody biomass and supporting infrastructure, and is an important market to supply the growing demand for biobased products throughout Europe. There is significant opportunity for international expansion – in Russia and throughout the European Union. We are honored to be selected by VEB and Bright Capital and look forward to further collaboration as defined by the MOU. Although these talks are early and exploratory at this stage we are excited about our relationship with VEB and Bright Capital.”
Renmatix is the leading manufacturer of cellulosic sugar, an enabling feedstock for petroleum alternatives used in the global biochemical and biofuels 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).