Vnesheconombank, Bright Capital, and Renmatix Consider Implementation of an Investment Project in Biochemical and Biofuels Industries

Vnesheconombank, Bright Capital, and Renmatix Consider Implementation of an Investment Project in Biochemical and Biofuels Industries PR Newswire MOSCOW, October 31, 2012 MOSCOW, October 31, 2012 /PRNewswire/ -- During the first Moscow International Forum for Innovative Development Open Innovations, the State Corporation 'Bank for Development and Foreign Economic Affairs' (Vnesheconombank), venture capital firm Bright Capital Management, and Renmatix, the leading manufacturer of biobased sugar intermediates, signed a Memorandum of Understanding (MOU) to jointly consider mutually beneficial relationships, potential collaboration and investment in the biochemical and biofuels industries. "Russia's rich endowment of natural resources offers abundant opportunities for our technology. This MOU marks a step towards increasing the footprint of the Plantrose process," said Duncan Cross, Renmatix Director and head of the company's Russian initiatives. "Renmatix's water-based conversion technology quickly and efficiently deconstructs woody biomass -in ample supply throughout Russia- into the affordable building blocks for bioethanol, and other sustainable chemicals and fuels." Under the MOU, the companies are working together to pursue the development of a series of industrial plants that will produce cellulosic sugar from woody biomass, with near-term end markets serving cellulosic ethanol demand in Europe, by leveraging Renmatix's proprietary Plantrose™ technology.