Commenting on the investment plans, Vireol chief executive officer David Knibbs was quoted by Bloomberg as saying that the company is looking for investment from its strategic and private-equity investors and its current retail-investor base.
Vireol is collaborating with Future Fuels, for the development, construction and operation of the proposed bioethanol facility in Grimsby.
The facility is expected to produce around 200 million liters (52 million gallons) of bioethanol annually.
Construction of the facility is expected to commence in 2014 and will become operational in 2016.
According to the UK government, the country is planning to get 10% of the energy used in road transportation from renewables, including bioethanol and biodiesel by 2020.
