Vinema plans to secure about BRL40m ($19m) of equity commitments for a facility in Cristal city within 40 days, reports Bloomberg.
The plants are expected to be operational by 2020 and will combinedly produce 600 million liters of fuel from grains such as rice, sorghum and oats annually.
The ethanol that can be less refined than the cane variety is also expected to be sold as a feedstock for solvents and pharmaceuticals.
Vinema chose to build the plants in Rio Grande do Sul as it is not suitable to grow sugarcane there.
