With strategic and private-equity investors alongside its current retail-investors backing the company, it is planning to raise the funds by the first quarter.
The company is currently working in collaboration with Future Fuels to develop, build and operate the plant in Grimsby with annual production capacity of 200 million liters. Construction is expected to commence in 2014 with operations scheduled to begin in 2016.
In an interview with Bloomberg, Vireol CEO David Knibbs said in comparison to Renewable Obligation program undertaken for renewable sources until 2037, the bio-fuels timeframe set by the UK is currently 2020; however, the investors seek strong lead from government.
Knibbs advises that its investors need more certainty.
"Hopefully over the next year the U.K. will start to introduce E10, which would be 10 percent ethanol blended with petrol. The government and carmakers are all comfortable that European cars can manage this blend," added Knibbs.
