NIB finances R&D in biotech company

NIB has signed a loan with Danisco, a Danish biotechnology company, to finance two R&D programmes in the company’s enzyme division, Genencor. The loan, totalling EUR 40 million, will be put towards the production of marketable cellulosic based bioethanol and bio-isoprene for rubber fabrication. 

A low-cost technology solution for producing bioethanol based on waste will result in an even more environmentally friendly form of biofuel. Bioethanol is currently the only readily available alternative to fossil fuel and is needed to reduce global CO2 emissions from the transport sector. Bio-isoprene will be an alternative to petroleum-derived isoprene. Isoprene is a raw material in rubber products such as tyres.

“Capital is the key ingredient in most climate and energy investment projects. As many green technologies are not yet price competitive with fossil-fuel technologies, financing innovation in cutting-edge clean technology is a focus area for NIB,” says Johnny Åkerholm, the Bank’s President and CEO. 

Enzyme technology helps manufacturers to reduce processing times, increase energy efficiency, decrease dependency on chemicals and reduce negative environmental impact.

Danisco is an innovation company and one of the world’s leading producers of food ingredients, enzymes and bio-based solutions. It is committed to R&D. In 2008, the company invested nearly 6% of its sales in this area.

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 Stefán Friðriksson, Senior Manager Origination, phone +358 10 618 0512,

 

Mr Dimitrijs Alehins, Communications Specialist, phone +358 10 618 0296,