30 Jun 2009

NIB finances research in enzyme technology

NIB and the Danish bio-innovation company Novozymes have signed a new loan agreement. The loan, totalling EUR 30 million, will finance research and development (R&D) in enzyme technology for bio-fuel production relying on waste and residues from crops. It is replacing a previous loan from NIB. 
“Denmark’s Novozymes is on the cutting edge of enzyme technology and NIB’s loan to the research and development programme for a new generation of enzymes will increase competitiveness in one of our member countries. The aim to use the new enzymes to produce bio-fuel from the stalks, leaves and husks of plants will help develop a significant and growing environmental industry,” says Johnny Åkerholm, NIB President and CEO. 
The transport sector is responsible for about one-fifth of carbon dioxide emissions on a global scale and bio-fuel is currently the only readily available alternative to fossil fuel in this sector. It is expected that bio-ethanol produced from cellulose containing crop residue will be able to reduce carbon dioxide emissions by as much as 90% compared to petroleum-based fuels. 

Novozymes is among the world leaders in bio-innovations, producing more than 700 products and selling to more than 130 countries worldwide. It employs some 5,000 persons, half of which are based in Denmark. Novozymes has been the Bank's customer since 1997. 

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,  

Ms Nina Monsen, Communications Specialist, at +358 10 618 0291,

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