Aker Kvaerner and Praj JV for European bio-fuels market
Praj Industries Ltd. and Aker Kvaerner announced a step in the expansion of their association, confirming that they are to create a joint venture (JV), for the European market. Aker Kvaerner has approved the implementation of the JV, and this consent joins the Praj Industries' Board approval (announced by Praj on 19 April 2007) wherein Praj will hold a 60 per cent share of the JV and Aker Kvaerner will hold 40 per cent. The JV shall combine Aker Kvaerner's execution capabilities and extensive European market knowledge with the technological expertise of Praj.
The JV will offer European customers access to the complete scope of services required for license, plant design and construction, with seamless integration and application of the Praj technology. Praj has been active in European markets for bio-ethanol technology solutions. In 2006, Praj and Aker Kvaerner entered into an alliance for strategic cooperation on bio-ethanol projects in Europe. Based on market interest in the alliance and the fact that Europe will follow a binding guideline of 10 per cent bio-fuels blending by 2020, thereby expanding the market opportunity for bio-fuel plants, the two companies have decided to extend their association by forming a JV.
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