Hyderabad-based AM Green Technology and Solutions has signed a binding agreement to acquire Finland's Chempolis Oy and Fortum 3 B. entities, marking its entry into biofuels. The company plans to invest $1 billion over the next three years to produce sustainable aviation fuel for global airline decarbonisation. AM Green will also acquire Fortum's shares in Assam Bio Refinery in India.
Hyderabad-based AM Green Technology and Solutions , an arm of green energy producer AM Green, has signed a binding agreement to acquire Finland's Chempolis Oy and Fortum 3 B. entities, making an entry into biofuels . The company has also announced plans to invest $1 billion over the next three years to produce sustainable aviation fuel (SAF) for global airline decarbonisation through these acquisitions.
The development is significant as India is bullish on the adoption of biofuels (fuel produced from biomass) to reduce dependence on fossil fuels.
AM Green has also signed the agreement to acquire Fortum's shares in Assam Bio Refinery in India which is a joint venture of Numaligarh Refinery, Chempolis, and Fortum.