Industrial Biotechnology Corp struck a deal with a Chinese company for the exclusive manufacturing and distribution of up to 600,000 metric tons of ethanol annually.

Industrial Biotechnology Corp., which creates technologies in the field of biologically produced chemicals, signed a letter of intent with Tianjin ZhongAo Group, a leading Chinese holding company. The company will produce ethanol from bio-renewable resources in Mongolia and convert it into ethanol derivatives and chemical feed stocks.

With ethanol prices at 40 to 50 cents per gallon, the deal could be worth $82.5 million a year.

Source:佚名