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Novozymes gets third year of US DOE funding |
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| DENMARK: February 11, 2003 | ||
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COPENHAGEN - Denmark's industrial enzymes maker Novozymes (NZYMb.CO) said yesterday the U.S. Department of Energy (DOE) had approved a third year of funding Novozymes' development of enzymes for ethanol production.
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"DOE's third year funding is based on Novozymes' achievement of the second year technical milestones," the company said in a statement. The goal of the research is to reduce the cost of enzymes for bioethanol production tenfold and thereby allow for a broader use of renewable energy, Novozymes said. Novozymes, a market leader in supplying enzymes for convering starch into fermentable sugars, said the U.S. fuel ethanol market is growing by around 20 percent per year. Shares in Novozymes rose 1.4 percent at opening yesterday to 146.5 crowns, extending a three-day surge in which it has increased 12 percent in value, taking it to its highest level in one month.
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REUTERS NEWS SERVICE
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