Taurus Energy and IndianOil Corporation Ltd. to cooperate in biofuel development
Taurus Energy AB of Sweden and IndianOil Corporation Limited (IOCL) are happy to announce the formation of a collaboration aiming at exploring pentose fermentation for the production of second-generation ethanol to be used as biofuel.
Within the realms of the collaboration IOCL will evaluate Taurus Energy’s pentose-converting yeast system Xyloferm® in efforts to better utilize cellulosic sugars from agricultural waste biomass.
IOCL is India's flagship Maharatna national oil company with business interests spread across the entire hydrocarbon value chain. IOCL have recently decided to invest in the second-generation biofuels and have materialized plans to build three biorefineries in India where lignocellulosic biomass will be used to produce bioethanol. The investment is spurred by the Indian Government policy of 2018 to achieve 20 % biofuel blending in the fuel reserve by 2030. Taurus Energy has been selected as a technology partner for this research project through workshops facilitated by Business Sweden, and has entered into an evaluation agreement through which the technical capability of Xyloferm will be investigated.
”We are very happy to have entered this agreement with IOCL. The collaboration is a clear indication of the capability of Xyloferm and our knowledge as an organization. We do believe that the collaboration will be fruitful for both parties where Taurus Energy’s specific know-how on pentose fermentation and proprietary yeast strains can actively support IOCL’s endeavors towards sustainable and environmentally sound developments. We believe that this is a very important milestone for green energy and a great opportunity for Taurus Energy to showcase its capabilities.”
Fredrik Weschke, CEO Taurus Energy
For more information, please contact:
Fredrik Weschke, CEO Taurus Energy AB (publ), 0704 54 74 69, info@taurusenergy.eu
About Taurus Energy
Taurus Energy AB is a research and development company, which aims to commercialize its extensive research and development program in the field of ethanol production. Since 2006, the company’s mission has been to license energy producers to use the methods developed by the company on a global market. Taurus Energy holds over 10 patent families, which have been developed with the help of around 20 internationally recognized scientists. Taurus Energy is listed on the Spotlight Stock Market equities market.
This disclosure contains information that Taurus Energy is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on March 8, 2021, at 20:40.