Sumitomo Corp. will acquire as much as 20 percent of Cosan Biomassa SA, a subsidiary of the world’s largest sugar company Cosan SA Industria e Comercio, Sumitomo said in a statement Friday.
Cosan Biomassa, based in Sao Paulo, Brazil, produces and distributes sugarcane biomass pellets for power generation, according to the statement. Financial terms weren’t disclosed.
Sumitomo’s investment will help Cosan Biomassa expand exports to Japan and Europe as well as sales in Brazil, according to the statement.
© 2016 Bloomberg
Lead image: Sugarcane stalks. Credit: Shutterstock.