NTR's new biofuel subsidiary, Bioverda, is on the march, snapping up landfill gas producer Irish Power Systems for 38m last week and announcing a 37m investment in biodiesel plants in Germany.

It's a sure sign that there must be something to this green fuels lark after all.

Bioverda is pursuing the same tried and trusted formula that its sister company, Greenstar, used to rise to the top of the scrap heap in Irish waste management.

Celtic Utilities founder John Gallagher saw the opportunity to make a landgrab in the sector and set about snapping up smaller companies before passing the baton to NTR, in return for a handsome windfall, to create the company now known as Greenstar.

It was obvious to Gallagher that waste disposal and recycling were going to become more of an issue as landfill ran out.

It was equally obvious that scale and efficiency would be the keys to unlocking the business opportunity presented.

Greenstar has added both to its keyring, scooping up smaller rivals at a rapid clip and investing heavily in technology.

Bioverda finds itself at a similarly opportune juncture. Oil isn't likely to start getting cheaper and the environmental lobby isn't growing any weaker.

The EU has already set targets for the adoption of biofuel in member states over the next five years and many, including Ireland, are providing tax breaks to producers.

Not convinced by the hippies? Feel the cold, hard facts. According to an analysis by Cambridge Energy Research Associates and the Economist, bio-diesel becomes an economically viable alternative to petrol when oil prices hit $80 a barrel.

Bioverda chief executive John Mullins might be forgiven for smiling, as the petrol stations continue to roll the numbers upwards on their forecourts, while he gets on the road to scout out more acquisition targets.