Toronto, Canada, 6 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 last week 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)