Viridas looks for investment as biodiesel project continues

VIRIDAS, the Yorkshire company which is pinning its fortunes on developing biodiesel in Brazilian rainforests, reduced its annual operating losses reduce as it pushed forward with its strategy to find further investment for the project.

The Leeds-based company successfully completed the planned winding down of its group’s textile trading activities over the period to December 31. 

Group operating losses for the period, before exceptional items of £127,404, which related to stock write offs and compensation for loss of office, were £410,858.

Also included in operating losses was the ongoing costs of £266,923 associated with the group’s jatropha project in Brazil.  

Viridas aims to develop on 30,000 hectare of jatropha plantations in Brazil to produce sustainable jatropha as a dedicated energy crop for the production of biodiesel and biomass.

The Yorkshire company has put a team in place to fully develop the project, including INEOS, the world’s third largest chemicals company & Cazenave, a leading South American agribusiness management and consulting company.   

A 10 year jatropha oil supply and development agreement has been put in place with INEOS and Viridas is in discussions with potential investors to fund the project.

Stanley Wootliff, chairman of Viridas, said: “There is a significant opportunity in establishing a business which addresses the growing EU demand for compliant sustainable biodiesel and biomass.

“We have made great progress in 2008 in establishing our jatropha business and now look forward to securing future funding to take the project to the next stage.”