Novozymes: Bioenergy sales up 5% in Q3
Summary
Novozymes said sales growth for the bioenergy segment was driven by a recovery of U.S. ethanol production volumes following last year’s severe COVID-19 related disruption, along with the continued expansion of starch-based ethanol production capacity in Latin America. Sales solutions used for biodiesel production also grew strongly, according to the company, although from a relatively low absolute level. Moving forward, Novozymes aid organic sales growth for the bioenergy sector is expected to be driven by a gradual recovery of U.S. ethanol production as COVID-19 restrictions are lifted, continued capacity expansion of corn-based ethanol production in Latin America, and market penetration supported by innovation. For the full year, Novozymes expects bioenergy sales to be in the high single digits. The company expects sales growth to be at 5-6 percent for the full year.