Viridas secures customer for biomass

August, 2010
Jatropha plantation developer Viridas may have found a customer for the waste from the crushing of jatropha.

A leading UK energy generator has entered into an agreement with Viridas, although this is not yet a full off take agreement for the bio-mass. The agreement covers up to 240,000 tonnes each year.

The bio-mass is seed cake produced by the crushing of jatropha to produce bio-diesel. Viridas has signed a 10 year jatropha oil supply & development agreement with INEOS Enterprises, which will buy 450,000 barrels of bio-oil each year.

Commercial production should start in Brazil in 2013. Chairman Stanley Wootliff claims that the two deals could be worth $1bn in revenues over 10 years.

Viridas reported a £682,000 loss for 2009. There was £657,000 in the bank at the end of 2009 but since then £850,000 has been raised at 10p a share.

At 5.75p a share, Viridas is valued at £1.89m.  

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