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Bioverda Enters the UK Market.
Bioverda, the international bioenergy subsidiary of NTR plc, announced in May that it was entering the UK market, through a majority shareholding in Tees Valley Biofuels, a renewable fuel company.
Tees Valley Biofuels is planning to build and operate a large scale biofuel facility in the North East of England. Indigenously sourced rapeseed from local co-operatives will be used as the raw material. The seed supply will be managed through GrainCo Ltd, which is the largest independent grain trading merchant in the North of England.
The resulting biofuel will contribute towards meeting the targets set out in the UK Renewable Transport Fuel Obligation (RFTO) which comes into effect in April 2008.
This obligation requires all fuel suppliers to ensure that a certain percentage of their aggregate sales consist of biofuels. 5% of all UK fuel sold on UK forecourts will be required to come from a renewable source by 2010. This obligation will help meet the UK's climate change objectives as well as contributing towards security of energy supply goals.