OREANDA-NEWS. November 01, 2012. During the first Moscow International Forum for Innovative Development Open Innovations, the State Corporation ‘Bank for Development and Foreign Economic Affairs’ (Vnesheconombank), venture capital firm Bright Capital Management, and Renmatix, the leading manufacturer of biobased sugar intermediates,signed a Memorandum of Understanding (MOU)to jointly considermutually beneficial relationships, potential collaboration and investment in the biochemical and biofuelsindustries.

Under the MOU, the companies are working together topursue the development of a series of industrial plants that will produce cellulosic sugar from woody biomass, with near term end markets serving cellulosic ethanol demand in Europe, by leveragingRenmatix’sproprietary Plantrose™ technology. The total amount of potential investmentis up toapproximately 750 million USD.

Renmatix and Bright Capital will collaborate to bring financial and strategic partners together for market development. The parties will manage primary aspects of future licensing for Plantrose technology into the Russian Federation, andengagement of key Russian and international industrial partners – such as wood processors – to participate in successful development of such facilities and facilitate equity financing.In order to further develop the relationships established by the MOU, the parties have agreed to establish a task team with representatives from each organization.