Chempolis Oy announces new ownership and transfer of Fortum Bio2X

In India, biorefining technology firm Chempolis Oy has said it will be acquired by AM Green, a producer of green hydrogen and green ammonia. Chempolis Oy’s subsidiary, Chempolis India Private Limited is included in the transaction.

AM Green aims to become one of the most cost-competitive producers of green molecules in the world. The venture is indirectly wholly owned by the founders of Greenko Group, one of India’s leading renewable energy companies and a major global player focusing on clean energy solutions.

“We are excited to partner with Chempolis to advance the processing of 2G lignocellulosic feedstocks. This highlights our commitment to develop innovative, technology-enabled solutions to establish large-scale biorefineries that utilize multiple feedstocks and produce high-value green products enabling global decarbonization in aviation, fuels, chemicals, and other industrial sectors,” said Anil Chalamalasetty, AM Green Group Chairman.

Finnish energy company Fortum Oyj has also agreed to divest its biobased solutions business Bio2X to Chempolis. 

Chempolis has large-scale projects in India with Assam Bio Ethanol Private Limited and NTPC as well as in Finland with NordFuel Oy. The joint venture with Assam Bio Ethanol Pvt Ltd will be the first biorefinery in the world producing cellulosic ethanol and biobased chemicals from bamboo. Chempolis has also partnered with NTPC to explore the feasibility of setting up another bamboo-based biorefinery in the state of Assam. In March 2024, NordFuel selected Chempolis as the technology provider for their Haapavesi bioproduct factory, and the collaboration towards commercialization continues.