You can use molasses syrup. Please refer to the article below.
Ethanol production from sugar cane syrup was carried out to compare the efficiency of batch-, fed-batch and repeated-batch fermentation using Kluyveromyces marxianus DMKU3-1042. The sugar cane syrup medium contained 18% total sugar, 0.1% (NH4)2SO4, 0.1% KH2PO4, and 0.1% MgSO4.7H2O, with the pH adjusted to 4.5.........
Article Bioethanol production from sugar cane syrup by thermo-tolera...
But you need to add MgSO4.7H2O because magnesium (Mg2+) plays an important role in industrial ethanol production, overcoming the negative effect of the excess of minerals, particularly copper, present in sugarcane juice, with a consequent increase in ethanol yield. Mg2+ seems to act by reprogramming the yeast metabolism by releasing many genes from glucose catabolite repression with positive consequences for ethanol production and maintenance of cell viability.
Please refer to the article below for details. It may be helpful.
Article Magnesium ions in yeast: Setting free the metabolism from gl...
Yes you can use molasses syrup but your microorganism should digest sucrose to glucose+fructose for using as carbon source in ethanol production metabolism. But using a high-glucose content media will help to a better ethanol productivity.
And yes you can use MgSO4.7H2O as it is a very important media component.