Joint venture The partnership is a joint venture between M&G Chemicals and the Chinese company Guozhen Group, which will make 1 million metric tons of wheat straw and corn stover a year. PET is one of the key building blocks for plastic packaging, including plastic bottles for water. The lignin by-product will feed a 45 MW cogeneration power plant which will be constructed in conjunction with the bio-refinery. The facility will use Beta Renewables' PROESA technology, and Novozymes will supply the enzyme technology for biomass conversion on an exclusive basis over a 15-year period. Revenue from the bio-refinery, which corresponds to four regular Beta Renewables facilities, is included in the expectations provided by Novozymes at the signing of the agreement with Beta Renewables in October, 2012.