A cellulosic ethanol biorefinery in Kentucky has been put on hold due to funding concerns.
A little more than a year ago, Alltech of Lexington, KY announced plans for a $70 million plant to be partially funded with state and federal grants. “We’ve basically looked at where ethanol is today and decided to put that project on hold,” says project head Dr. Mark Lyons. “The reason for this was generally in terms of the economic crisis where we all find ourselves. Funding ethanol is not very popular right now with the banks.”
Alltech, which is a very successful international bioscience, animal health and nutrition company, received a $30 million Department of Energy grant for the project and planned to get bank financing for the balance. They had been talking about halting the project altogether, but DOE agreed to allow them to place it on hold.
Listen to an interview with Dr. Lyons conducted by Chuck Zimmerman at this week’s Alltech Symposium in Lexington. [audio:http://www.zimmcomm.biz/alltech/alltech-symposium-09-mark.mp3]