The Department Of Energy (DOE) is getting closer to shelling out some cash as part of its role in the new Biofuels Interagency Working Group. It has been tasked with not only creating a comprehensive biofuels market development plan but also to help struggling biofuels plants get back in the black as well as fund start-up advanced biofuels companies to help bring the technology to market faster.
Today, Verenium announced that their jointly owned commercial cellulosic ethanol project with BP, located in Highland County, Florida has been selected by the DOE to enter the due diligence phase of its XVII Loan Guarantee Program. Under this program, the DOE may provide loan guarantees for project debt covering up to 80 percent of eligible costs. The Highlands project is scheduled to break ground in 2010.
“We are thrilled to move forward into this next phase with the DOE,” said Carlos A. Riva, president and CEO of Verenium. “We believe this signals an important endorsement of our cellulosic process technology and a strong show of support for the advancement of next-generation biofuels.”