Biofutures seeks investment to complete first phase of biodiesel plant
Renewable fuels firm, Biofutures has released its maiden results, posting a pre-tax loss of £400k for the year to December 2006,in line with its expectations.
The Peterborough-based company said that its plans to construct a plant in Malaysia, capable of producing 200k tonnes of palm oil biodiesel a year, are underway and the firm is currently in advanced talks with several Malaysian banks to raise debt finance to complete the first phase of the project.
The firm expects continuous production of palm oil biodiesel by October 2008.
Executive chairman, Nicholas Gee said that the demand for renewable fuels is set to undergo enormous growth in the medium term, and that the firm continues to seek further investment opportunities in renewable fuels, including second generation fuels.
The firm's shares have remained unchanged at 6.88p