Toronto, Canada, 3 Aug – Energem Resources of Canada has acquired a 70 percent shareholding in a renewable energy venture in Mozambique that will use jatropha to produce biodiesel.
The Canadian firm said that under the terms of its purchase, it will invest up to US$ 5.5 million, including the planting of an additional 5,000 hectares of jatropha and the acquisition of another 60,000 hectares to produce the biomass crop.
Energem said its acquisition was part of a strategy to focus on hydrocarbons infrastructure projects and the biofuels sector. As part of this strategy, the Canadian company has created a new division, Energem Biofuels, based at an ethanol plant at Kisumu in Kenya. (macauhub)