China New Energy jumps on new biorefinery contract

10th Mar 2014 15:22

The share price of AIM-listed China New Energy (CNE) rose by a tenth on Monday after the bioenergy engineering and technology firm received a contract to build another biorefinery for Ubon Bio Ethanol in Thailand.The new project, expected to start in late 2014 and complete by 2016, will replicate the existing biorefinery which is a first-generation biorefinery converting cassava feedstock into 100,000 tonnes of anhydrous fuel grade ethanol per year. The first biorefinery commissioned by Ubon was formally opened in December 2013 and is now in full production.The new contract will be worth around RMB100m (£10m) to CNE.CNE Executive Chairman Yu Weijun said: "I am both pleased that we are continue to develop our project pipeline for EPC contracts to build first-generation biorefineries, and that we remain a leader in biorefinery technology for converting cassava into ethanol."The stock was 10.1% higher at 4.1p by 15:06.BC