Joint Venture Combines Companies' Strengths in the Development and Deployment of Second Generation Ethanol from Non-Food Feedstocks to Address
$75 Billion Market Opportunity
WILMINGTON, Del., and COPENHAGEN, Denmark, May 14 /PRNewswire- FirstCall/ -- DuPont (NYSE: DD) and Genencor, a division of Danisco A/S, today announced an agreement to form DuPont Danisco Cellulosic Ethanol LLC, a 50/50 global joint venture to develop and commercialize the leading, low- cost technology solution for the production of cellulosic ethanol -- a next generation biofuel produced from non-food sources -- to address a $75 Billion Global Market Opportunity.
The partners plan an initial three-year investment of US$140 million, which will initially target corn stover and sugar cane bagasse. Future targets include multiple ligno-cellulosic feedstocks including wheat straw, a variety of energy crops and other biomass sources.
"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."
"By combining the world-class capabilities of DuPont and Danisco, our
joint venture will offer the technology standard for cellulosic ethanol
production," said Danisco CEO Tom Knutzen. "This joint venture will be a
powerhouse of discovery, development and engineering. It represents a major
step forward in Danisco's new strategic intent to be a leading force i
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