George Soros’ fund invests in CleanStar Mozambique project

21 September 2012

The Soros Economic Development Fund, owned by US billionaire George Soros, as invested US$6 million in CleanStar Mozambique, a partnership that produces low-cost ethanol stoves, The Wall Street Journal reported.

With this investment the Soros fund acquires a 19 percent stake in the US$20 million project, the US newspaper said.

The CleanStar Mozambique partnership, made up of Danish company Novozymes and US company CleanStar Ventures, and later joined by US company ICM, aims to replace coal with ethanol produced from cassava as cooking fuel to be used in appropriate ovens.

Several companies and institutions have so far invested in the project, such as the Danish Fund for Industrialisation of Developing Countries, which provided 3 million euros, and Bank of America Corp, which bought an option at an undisclosed price to buy and sell United Nations certified carbon credits each representing one ton of carbon dioxide. (macauhub)