Range Fuels receives USDA loan
The United States Department of Agriculture (USDA) has awarded cellulosic ethanol producer Range Fuels a conditional commitment for an $80 million (€62 million) loan guarantee for the development and construction of its commercial cellulosic ethanol plant near Soperton, Georgia.
Range Fuels was awarded this loan guarantee in part because they are working toward the development of commercially available fuel that is not corn-based.
The USDA’s Biorefinery Assistance programme is intended to assist in developing new and emerging technologies that produce advanced biofuels.
Range Fuels broke ground on the Soperton plant in Q3 2007, with operations expected to begin in late 2010.
In April 2008, the company received more than $100 million of Series B private financing, which was used in the first-phase construction of its cellulosic ethanol plant.
The round of financing was led by San Francisco-based Passport Capital. Other investors included BlueMountain, Kholsla Ventures, Leaf Clean Energy and Pacific Capital Group.
In 2007, Range Fuels received a $76 million grant from the U.S. Department of Energy (DoE) and a $6 million grant from the state of Georgia.
Range Fuels said it would use $50 million of the DoE’s grant for the first phase of construction of the plant that will have a capacity to produce 20 million gallons of ethanol. The remaining $26 million will be for the next phase of the project.
Range Fuels was awarded this loan guarantee in part because they are working toward the development of commercially available fuel that is not corn-based.
The USDA’s Biorefinery Assistance programme is intended to assist in developing new and emerging technologies that produce advanced biofuels.
Range Fuels broke ground on the Soperton plant in Q3 2007, with operations expected to begin in late 2010.
In April 2008, the company received more than $100 million of Series B private financing, which was used in the first-phase construction of its cellulosic ethanol plant.
The round of financing was led by San Francisco-based Passport Capital. Other investors included BlueMountain, Kholsla Ventures, Leaf Clean Energy and Pacific Capital Group.
In 2007, Range Fuels received a $76 million grant from the U.S. Department of Energy (DoE) and a $6 million grant from the state of Georgia.
Range Fuels said it would use $50 million of the DoE’s grant for the first phase of construction of the plant that will have a capacity to produce 20 million gallons of ethanol. The remaining $26 million will be for the next phase of the project.
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