Euro Ethyl Ltd. is the first plant for ethanol and bioethanol in South-Eastern Europe. Located near the railway transport links, only 20 kilometres from the river port and 110 kilometres from sea port of Varna, the factory has a capacity of 30,000 litres, but is able to produce 120,000 litres of bioethanol per 24 hours of continuous production cycle. The factory employs about 120 people, which for the municipality with high unemployment rate, is an important economic and social contribution.
The plant is located amidst agricultural lands, where the basic production raw materials – wheat and corn – are grown. However, the agricultural crops serve as a source of straw as well.
Euro Ethyl considered installation of a straw steam boiler at own premises.
The company applied to BEERECL for the loan and advisory package for this project. The BEERECL team performed the analysis of the investment, particularly, the potential of energy savings, its technical-financial parameters, as well as the environmental aspects.
The investment of slightly over €2.5 million allowed the company to optimize the steam production and replace two outdated heavy fuel oil boilers. Savings from heavy fuel oil consumption amounted to 64 per cent of the previous energy bill. These savings allow to repay the investment from energy savings only in slightly over one year, with future cash-flows becoming company's income further on.
This way the company decreases own production costs, increases the margins and, hence, remains competitive, supplying the region with jobs and income.