Vnesheconombank and partners to develop new innovative projects

Vnesheconombank and partners to develop new innovative projectsVnesheconombank signed two cooperation agreements at the Open Innovations Forum in Moscow providing for long-term, effective and mutually beneficial cooperation in the implementation of investment projects and programs in biofuel and biochemistry as well as in gas and chemical industries.

Vnesheconombank intends to develop its biochemical projects with American Renmatix which is the developer of Plantrose technology that provides processing and splitting of wood into sugars using no acid or enzymes.

The first object of possible collaboration is the creation of a number of industrial plants for the production of bioethanol from wood using the developed technology. The total investment will be about $750M. An international venture capital fund Bright Capital also signed the agreement. The fund provides technical and technological support for the project jointly with Renmatix as well as the licensing to use Plantrose's technology in the Russian Federation.

The second agreement, signed by Vnesheconombank, is for the implementation of investment projects in the oil and gas and chemical industries. The agreement was signed with the U.S. technology company Siluria Technologies with the participation of venture capital fund Bright Capital.

Siluria Technologies is engaged in the commercialization of its technology for the conversion of natural gas into more valuable chemicals and different types of fuel. This energy-efficient and low-cost process for the producing of motor fuels is a serious alternative to the production of fuels from oil.

This cooperation may result the establishment of ethylene and liquid hydrocarbons production from natural gas on Siluria's technology. The projects' budget will be about 45B RUR. The potential total power of the plants is up to 1.5 million tonnes per year.