Waterland joins Econcern in BioMCN with € 36 million investment

Bussum/Utrecht (the Netherlands), 5 March 2009 - Private equity firm Waterland is pleased to announce it reached a final agreement with sustainable energy company Econcern about participation in BioMCN in Delfzijl, the Netherlands. Econcern also acts on behalf of the other shareholders, NOM and Teijin.

The additional capital enables BioMCN to continue further investments in the construction of processing units for the production of bio-methanol, the world’s largest second generation biofuel plant.

The first bio-methanol unit in Delfzijl has a capacity of 200.000 metric tons per year, and is scheduled to start production in April 2009.

The €36 mio investment by Waterland Private Equity allows BioMCN to immediately start engineering on the next expansion to double its capacity to 400.000 metric tons by 2010, growing to a total of 800.000 metric tons in a few years from now.

After the participation in the Belgian solar company Enfinity this is the second major investment this week in the sustainable energy sector for Waterland.

“While the financial markets are in turmoil, strong companies invest and remain ambitious. This is Waterland’s third major all-equity investment in the past six months. We are excited by this 2nd generation biofuel project, which fits perfectly within our sustainability investment theme,” says Lex Douze, principal at Waterland.

Ad van Wijk, CEO of Econcern, one of BioMCN’s founding shareholders is pleased with the additional financial backing. “In these times when financing is a challenge Waterland enables BioMCN, a truly visionary sustainable energy facility, to reach full speed. BioMCN is the foundation of the BioRefinery Delfzijl, a key pillar in our strategy to provide a sustainable energy supply for everyone.”

Rob Voncken, CEO of BioMCN agrees: “Waterland shares our vision and ambitions with regard to the inherent potential of bio-methanol. Their support enables BioMCN to play a major role in the global transition to renewable energy.”

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