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Innovative Engineering Ventures (IEV) on March 22 said it will enter the renewable energy business through biomass production in Vietnam, as part of its efforts to explore opportunities in the Asia Pacific region. 

“The company plans to construct its first plant to manufacture pellet forms of rice-husk biomass in the middle of the Mekong Delta, the Rice Bowl of Southern Vietnam”, according to a press release issued by IEV in Singapore. 

The company hopes to achieve first pellet-production in the first half of 2014. It is currently in the process of finalising its plans in Vietnam and obtaining tenders for the construction of the plant. 

IEV, listed on the Singapore Exchange since 2011, offers a range of integrated engineering solutions and has operations in Malaysia, Indonesia and Vietnam.

“Biomass is a renewable source of energy that is expected to be more economical than fossil fuel and its worldwide demand has been increasing significantly,” said IEV President and CEO Christopher Do. 

He added that the entry into renewable energy will allow IEV to explore the vast opportunities in this sector, not only limiting to biomass but also through other renewable resources in the Asia Pacific region.

Source: VNA