Press Release: HELM concludes bio ethyl acetate marketing contract with Greenyug
HELM AG and Greenyug, LLC today announced an off-take agreement for the purchase and sale of bio-based Ethyl Acetate produced at Greenyug’s planned Ethyl Acetate facility in Columbus, Nebraska.
Hamburg, Germany / Santa Barbara, USA – 22 February 2017
Greenyug has formed a subsidiary, Prairie Catalytic, LLC, that will own and operate the production facility. This agreement will make significant amounts of bio-based Ethyl Acetate available first time to the market. The Prairie Catalytic production facility will be located next to Archer Daniels Midland Company's (NYSE: ADM) Corn Processing Plant in Columbus, Nebraska. The ADM facility in Columbus will supply the project with bioethanol feedstock and other services. Construction of the facility is anticipated to start during 2017 with production set to begin about a year later. Greenyug and HELM are pleased to announce that HELM will take over exclusive responsibility for the worldwide sales and marketing of Ethyl Acetate from the Prairie Catalytic facility.
Axel Viering, Executive Director of the Derivatives business unit at HELM, highlighted the relevance of the marketing contract with Prairie Catalytic and its parent Greenyug: “By entering into this marketing agreement we are further strengthening our global presence and expanding our existing competence in ethyl acetate distribution. As a major global distributor of chemicals, HELM looks forward to a long-term relationship with Greenyug and Prairie Catalytic.”
“The collaboration with HELM clearly fulfills our project needs of a major marketer, and we are impressed with HELM’s secure network in relevant markets worldwide. This off-take agreement provides us immediate access to Ethyl Acetate customers enabling Prairie Catalytic to generate revenue once the plant is operational,” stated Sagar Gadewar, Greenyug and Prairie Catalytic, CEO.
Greenyug developed its patented technology at its Santa Barbara, California Research Facility and continued the scale-up at its fully integrated demonstration plant in India. Greenyug has developed a proprietary platform to add value to bioethanol by upgrading it into a variety of bio-based chemicals with broad market appeal. Greenyug Ethyl Acetate, the first of such products, is a widely marketed specialty solvent used extensively in products such as paints, coatings, pharmaceuticals, adhesives and a variety of consumer goods. Ethyl Acetate has a global market of more than $4 Billion. The market for Ethyl Acetate is growing faster than GDP because of its desirable properties. Greenyug Ethyl Acetate will be the first commercially available in industrial quantities to be entirely sourced from renewable feedstock.
HELM AG is a family-owned company based in Hamburg, Germany, with a business tradition over 116 years old. As a multifunctional sales and distribution organisation, HELM is active in the chemicals industry through its Feedstocks and Derivatives Business Units, in the crop protection industry, in active pharmaceutical ingredients, pharmaceuticals and medical products, and in the fertilizer industry. HELM is one of the world’s largest chemicals marketing companies and secures access to the world’s key markets through its specific regional knowledge and over 100 subsidiaries, Sales Offices and participations in over 30 countries.
Greenyug, LLC is a privately held technology development company with a mission to research, develop and commercialize production of commodity and specialty chemicals, polymers, and fuels derived from renewable sources in a cost efficient and market competitive manner. Greenyug headquarters and research facility are based in Santa Barbara, California. Scale-up and process development are carried at a fully integrated demonstration facility in Pune, India. Greenyug capabilities include all aspects of technology development from concept at lab scale to piloting and commercial deployment.