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Shareholders in biotechnology company Genesis Research and Development have agreed to sell their majority stake in biofuels company BioJoule.
BioJoule has been growing shrubby willow in the Taupo area and developing technology to produce ethanol as a transport fuel and lignin for high value plastics.
Genesis, which has a 65.2 per cent shareholding in BioJoule, said all of BioJoule's shareholders had agreed to sell their holdings to Pure Power Global (PPG), a renewable energy company based in Hong Kong, Singapore and Sao Paulo.
Genesis would gain $3.9 million from the deal and nearly a million shares in PPG. Genesis chief executive Stephen Hall said PPG could provide the funding and access to international markets.
