Green Fuel Firm ClonBio Loses €14m And Halts Capital Investment In Kildare-Based Joint Venture

Friday, 20 December 2024 12:37

By Hannah Kelly

Green Generation in Nurney. Image via greengeneration.ie

Green Gas, trading as Green Generation, has received €12m in debt commitments

ClonBio, an Irish ethanol and bio-methane producer, lost €14m last year as it faced both high depreciation charges and the impact of the war in Ukraine, drought and competitive imports.

The group saw its revenue drop from €630.3m to €559m, and its loss last year was equivalent to a profit after tax of almost €105m in 2022.

Chief Executive, Mark Turley, stated that large volumes of imported, cheap and mislabelled biofuels from Asia were "deeply concerning", as they contained raw materials that were resulting in deforestation and climate change.

The group has also halted capital investment at its Green Gas joint venture.

Trading as Green Generation, it owns a biogas production facility in Nurney, with the Costello family, who are involved in cattle and pig farming.

Green Gas has received €12m in debt commitments from the Ireland Strategic Investment Fund.

Speaking on Green Grass, Mr Turley said: “Our Green Gas joint venture, along with other biomethane producers in Ireland, has had a very challenging 2024 in a dysfunctional market.

“Several quite significant capital investment projects in Green Gas have been under way. Further investments beyond these have been paused until we have greater clarity on a number of public policy and market-related issues.”