OREANDA-NEWS. September 11, 2007. ITERA Ethanol LLC announced about their participation in the investment team funding 61.6 million dollar projects undertaken by BioEnergy International LLC, a science and technology company committed to developing technologies to produce biological fuels and specialty chemicals from renewable resources.

BioEnergy International LLC has a research agreement with the University of Florida to carry out scientific and research activities and develop technologies to produce green chemicals and biopolymers from sugars and cellulose, and late last year signed an agreement to license one of their proprietary biocatalysts to Purac Biochem N.V. for production of lactic acid.

Itera made their initial investment in BioEnergy international LLC in May 2006 to provide funds for initial infrastructure development. This additional investment of ITERA Ethanol LLC and their partners - Plainfield Asset Management, Camulos Capital and Context Capital Management - will be utilized for the Company’s expansion of existing R&D as well as to provide funding for BioEnergy’s ethanol projects in Pennsylvania and Louisiana. The intention is to construct two 108 million gallon per year ethanol plants to be completed in two years.

"We assign high priority to challenging scientific researches and production of environmentally friendly fuels," said Igor Makarov, President of ITERA Group. "These business projects work not only for the USA and Russia but also serve the interests of the entire mankind".

ITERA Ethanol LLC is a subsidiary of ITERA USA Inc. (Jacksonville, Florida), making part of ITERA Group.  ITERA USA Inc is a diversified investment company. Itera’s investments include alternative energy, natural resource, supply of equipment to the oil and gas industry, processing of timber, etc.