Viridas drives ahead with biodiesel plans
VIRIDAS, the Alternative Investment Market-listed company, is moving forward with plans to establish a “base plantation” in Brazil as it looks to develop its strategy of producing biofuels.
The Leeds-based company is to use the South American location as a central area to grow jatropha trees which it hopes will form the next generation of alternative fuel stock.
In April Viridas announced it had formed a partnership with INEOS Enterprises – a portfolio of eight businesses – to develop the project further. INEOS aims to bring an outlet for jatropha oil through its strategy to become a leading European biodiesel supplier.
Stanley Wootliff, chairman of Viridas, said: “Subsequent to the signing of our exclusive strategic partnership agreement with INEOS Enterprises, part of INEOS, the worlds third largest chemical company, to develop a sustainable supply of crude jatropha oil (CJO) to the biodiesel market, we are now moving to the next phase of the project, the establishment of a “base plantation” in Salvador together with an appropriate commercial administration.
“This will be followed over the next few years by the establishment of cluster plantations around the “base plantation” to support a future roll out strategy for the production of commercial quantities of crude jatropha oil.”
Turnover at Viridas for the six months ended August 31 was £2.27m, down from £2.5m over the same period last year.
Its pre-tax loss before exceptional items was £157,314, down from £283,969 last time.
Mr Wootliff said Viridas’ other historic business interests, which included a baby buggy parasol business and german underwear business, were phased out in October.
Mr Wootliff, who said there was “great enthusiasm” for the jatropha project, added: “Much hard work has gone into the repositioning of the group over the past half year. We now look forward to the exciting prospect of developing a leading world class jatropha business.”
Viridas is keen to use jatropha because of its sustainability.
