Finland's Fortum will invest €13.5 million in a biofuel joint venture project with Numaligarh Refinery Limited (NRL) and Chempolis companies in Assam in India, the company said Wednesday.
Fortum will obtain a 28 percent share of the joint venture to build and operate the biorefinery, whose key raw material is bamboo.
The project aims to use biomass more efficiently by separating and utilizing all elements.
Fortum announced that the new biorefinery would be based on formico-technology developed by Chempolis. This multi-product platform technology generates higher sales revenues with lower investment and operational costs through the use of a new type of biosolvent suitable for non-wood and non-food materials, according to Chempolis.
"In this program, we are investigating new business opportunities with fractioning-based technologies and end-products of the process. We believe that valuable end-products can be produced from biomass and used in place of fossil or other less sustainable raw materials," said Heli Antila, Fortum's chief technical officer.
Fortum has cooperation projects with various companies to test the end products using different fractioning methods.
"This project has a clear role in the fight against climate change. It can also have a big positive impact on local communities. It will provide employment opportunities for thousands of people and in the long run, it will help local communities to become self-sustained and enhance their living standards," Fortum explained.
By Murat Temizer