BP and Verenium get DoE funding
Energy giant BP and cellulosic ethanol developer Verenium have been selected by the US Department of Energy (DoE) to enter the due diligence phase of its Title XVII Loan Guarantee Programme.
The project is entitled to a loan guarantee from the DoE, which would support debt funding for first commercial-scale cellulosic ethanol plant, covering up to 80% of eligible costs.
'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,' Carlos A. Riva, president and CEO at Verenium, says.
The Highlands project is scheduled to break ground in 2010.
The project is entitled to a loan guarantee from the DoE, which would support debt funding for first commercial-scale cellulosic ethanol plant, covering up to 80% of eligible costs.
'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,' Carlos A. Riva, president and CEO at Verenium, says.
The Highlands project is scheduled to break ground in 2010.
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