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Global Green One to build $140 mln bio-ethanol plant in Hungary

Global Green One (GG-One), a Norway-based renewable energy firm, has agreed to set up a Ft 25 billion ($140 million, €101 million) bio-ethanol plant in Békéscsaba (southeast Hungary).

GG-One plans new bio-ethanol facilities for Kalocsa, Szombathely and Kõszeg, the latter of which was already a target for a Ft 100 billion (€560 million) plant in May this year. With these GG-One's investments in Hungary will exceed Ft 120 billion. In Stockholm, GG-One operates a similar factory to the one it plans to build in Békéscsaba.

The company has already found the location for the construction and is in the phase of buying the property. Works are to be launched next April, as soon as the necessary permits are obtained. The plant, which would process 200,000 tons of maize annually with a staff of 100 people, would start operating in January 2009. The logistics part of the facility would also create 100 jobs.

Béla Racker, head of GG-One's local unit, said they would seek to sign contracts with suppliers for 15 years. The company expects the factory to generate Ft 16 billion ($90 million) revenues a year in Békéscsaba.

GG-One utilizes prime crop and residuals from agricultural and forest production and turns it into economic bio fuels. Did you know that one hour of sun rays to earth is equal to the total human energy consumption for one year? Think about that and you realize the potential in our business idea.

GG-One takes care of prime crop and residuals from agricultural and forest production and extracts energy in the form of electricity, ethanol, raw protein and heated water. We take an extensive responsibility through the whole value chain, investing in local facilities and securing all production and transportation. Global Green One participates in reducing CO2 and other GHG pollution in accordance with the Kyoto. (gg-one.com, portfolio.hu, Interfax)