Profits up at Irish-owned Clonbio as use of ethanol looks set to grow
Pre-tax profits at Irish-owned renewable energy firm ClonBio increased 10pc last year to €39m.
Revenues increased 3pc to €286m at the business, which operates Europe's largest grain-based bio-refinery.
Please log in or register with Independent.ie for free access to this article.
The Turley family, including brothers Greg and Niall who made €200m selling car rental tech firm Cartrawler, are the majority shareholders.
ClonBio was founded by a third brother - Mark Turley - and has its main processing plant in Hungary, where it produces ethanol from grain. The facility also manufactures high-protein animal feed and corn oil.
Petrol in Ireland contains 5pc ethanol, which is expected to rise to 10pc by 2020.
Mark Turley, the company chairman and chief executive, said the product will help fuel suppliers meet emissions targets.
"Ethanol helps fuel suppliers in Ireland and the EU reach their climate action goals with no loss of exchequer revenues, no cost to the consumer and no adverse side effects," he said.