Praj - Aker Kvaerner Joint Venture signed
BioCnergy soon to commence operations in Europe
Praj Industries, biofuels solution provider, and Aker Kvaerner announced the finalisation of an agreement to form a Joint Venture Company in Europe that will be called BioCnergy Europa B.V. Pramod Chaudhari, Chairman, Praj and Wim van der Zande, Managing Director, Aker Kvaerner Netherlands B.V. confirmed that, following the approval of the joint venture (JV) by the Boards of both companies in April, the agreement has now been finalised, paving the way for the Company to commence operations. Praj holds 60 percent in BioCnergy, while Aker Kvaerner holds 40 percent of the shareholding.
BioCnergy will build upon the individual strengths of its founding partners to offer European customers access to customised solutions for their biofuels projects. The JV will provide the technology package, engineering services, equipment and systems, project management services, construction and erection services, and commissioning, as well as turnkey biofuel plant. BioCnergy will address both the ethanol and biodiesel opportunities in Europe.
Aker Kvaerner Netherlands B.V., a wholly owned subsidiary of Aker Kvaerner ASA, is the legal entity entering into the JV with Praj. The JV will be located in Zoetermeer, The Netherlands, 50 kms from Amsterdam.
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