Danish biotechnology and engineering company BioGasol is on the hunt for investors to help fund the company's 2nd generation bioethanol demonstration plant on the Danish island of Bornholm, writes Erhvervsbladet.
As previously reported on this website, the Energy Technology Development and Demonstration Program has already allocated DKK 78.2m (USD 13.4m) to the project, leaving approximately DKK 150m (USD 25.4m) still to be raised in order to realise the plant.
Getting funding for the Bornholm plant has proven to be a time-consuming process for BioGasol, which had hoped to be further ahead in the endeavour than it currently is. Managing director of Bornholm plant, Thor Gunnar Kofoed, commented to Erhvervsbladet:
"Originally our timetable was to have the plant ready in time for the UN Climate Change Conference in Copenhagen in December 2009. But that is not going to be possible. So the time pressure that hitherto was a success criterion for us has disappeared. The important thing is to get to show that our technology works."
BioGasol's aim is to produce bioethanol in a sustainable way that competes fully on price with oil-derived fuels. Its fermentation process uses proprietary microorganisms that can convert both 6-carbon (hexose) and 5-carbon (pentose) sugars from cellulosic biomass material to optimize ethanol yield.
BioGasol's process has been in operation since late 2006 at a pilot plant in Copenhagen. The company is currently developing its own demonstration plant in Denmark, as well as a 10 million litre integrated plant in Oregon, USA in collaboration with Pacific Ethanol. Both plants are scheduled to start production this year.