The bioenergy arm of Irish firm NTR is reportedly entering the UK biofuels market through its decision to purchase a majority stake in UK renewable fuels player Tees Valley Biofuels, according to The Irish Times.
The publication also reported that this presence will be augmented further as Tees Valley Biofuels is planning to construct a biofuels plant in the northeast of England, which will use locally farmed oil seed rape.
According to The Irish Times, Bioverda is hoping to cement its UK presence through opening a UK office in London and appointing Nick Brooks, formerly of Sun Biofuels, as CEO of Bioverda Europe.
The publication cited Mr Brooks as saying: 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.
The Irish Times reported that Bioverda’s entry into the UK biofuels market will be an important step in ensuring that the region can comply with the UK renewable transport fuel obligation, which is due to be realized in April 2008.
According to Finfacts Ireland, the trade and investment unit of the UK government has also welcomed the news. It cited Andrew Cahn, the agency’s chief executive, as stating: The government’s long-term incentives to help tackle climate change makes the UK an excellent location for renewable energy investment.