Bioverda, the biofuels subsidiary of NTR plc, today announced its entry into the UK energy market taking a majority stake in UK firm Tees Valley Biofuels.
Tees Valley Biofuels intends to open a large scale biofuels facility in the northeast of England.
The plant will utilise locally grown rape seed in partnership with local farmer co-ops under the auspices of GrainCo Ltd, the largest independent grain supplier in England's northeast region.
The biofuel plant will focus on low carbon footprint biofuels in order to meet the requirements of the UK Renewable Transport Fuel Obligation (RTFO) which will be implemented in April next year. The value of the transaction has not been disclosed.
Bioverda also announced the opening of a new London office and the appointment of Nick Brooks as chief executive officer of Bioverda Europe. Mr Brooks was formerly CEO of Sun Biofuels and worked for thirty years with Royal Dutch Shell.
Mr Brooks said "I am delighted to be part of the Bioverda team and look forward to help build a world class international bioenergy company. Entering the UK market and investing in a company such as Tees Valley Biofuels is an important part of our development strategy in Europe".