Novozymes has released third quarter financial results, reporting a 4 percent revenue growth during the first nine months of the year. Revenue for the company’s bioenergy division grew 10 percent over the same period.

According to Novozymes, it bioenergy sales grew by 10 percent both organically and in Danish krone (DKK) when compared to the first nine months of last year. During the third quarter, year-over-year organic growth for the segment stood at 16 percent and 10 percent in DKK.

The company noted that bioenergy sales during the period continued to build on the positive momentum seen during the first half of the year. Sales for U.S. conventional biofuels benefited from growth in the production of ethanol, which is estimated to have increased by approximately 2 percent during the first nine months of the year. Novozymes said other markets continue to show good growth, but represent a smaller part of overall bioenergy sales. The company also noted sales of enzymes for biomass conversion continued to contribute to bioenergy sales growth during the first nine months of the year, but make up a small portion of bioenergy sales.

For the full year, Novozymes said it expects organic sales growth in the bioenergy sector to be driven mainly by new product launches and increased penetration from innovation. While the company expects U.S. ethanol production to be up slightly when compared to last year, it also noted that U.S. inventory levels are currently high.

 “I am pleased to see good development in Novozymes’ Bioenergy business,” said Tina Sejersgård Fanø, executive vice president of agriculture and bioenergy at Novozymes. With 16 percent organic growth in the third quarter, we are achieving a very satisfying 10 percent for the first nine months.”

“Supporting the much needed decarburization of road transport, growth came mainly from conventional biofuels—and across geographies,” Sejersgård Fanø continued.

“Our tailored customer approach helps our performance; it is made possible by Novozymes’ broad portfolio of innovative enzymes, so the launches of previous years are really paying off—both in the case of the U.S. and other parts of the world,” she said.

“Trials for yeasts for conventional ethanol are doing well at plant scale, and we are pleased with how things are developing. The commercial launch will—as we have talked about previously—take place next year,” Sejersgård Fanø said.

“All in all, a good first nine months in Novozymes Bioenergy, supported by volume growth, tailored technical solutions and a broad, innovative enzyme product range. Innovation and closeness to our customers are really key to continuing to deliver growth for the future,” she continued.

Novozymes also reported sales for its household care division increased 2 percent during the first nine months of the year, while sales in the food and beverage division grew 9 percent, sales in the agriculture and feed division increased 2 percent and sales in the technical and pharma division were up 3 percent.