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Hungrana completes €100 mln investment at bioethanol plant

Hungarian food-sweetener and bioethanol company Hungrana has completed an €100 million investment at its plant in Szabadegyháza (central-Hungary), transforming it into Europe’s largest maize processing facility, MTI said.

The investment boosted Hungarana’s annual bioethanol-production capacity to 135,000 tons per year, thus fulfilling Hungary’s EU-stipulated 2010 requirement for annual production of biomass-based fuel. Hungrana Executive Director Attila Lengyel said the company applied for neither direct state subsidies or EU funding for the project.

Minister of Agriculture József Gráf said Hungary can use 2 million tons of grain every year to produce ethanol. Gráf expects another 3-4 bioethanol factories to be built in Hungary.

Hungrana, which is jointly owned by Agrana and US-UK Easstarch, had revenue of Ft 45 billion (€194.69 million) in 2007 and projects earnings of Ft 70 billion in 2008, with 40% of the company’s revenue stemming from bioethanol production, Lengyel said. (MTI-Econews)