Tuesday, August 06, 2013

Valero pulls out of Mascoma project

from Midwest Energy News in a story titled As key partner departs, future dims for Michigan cellulosic biofuel plant :

The exit of its majority owner and operator leaves the future uncertain for a long-delayed project that has attracted at least $120 million in public financing to turn wood from Michigan’s Upper Peninsula into fuel for vehicles.

New Hampshire-based biofuels company Mascoma Corporation announced in 2011 that Valero Energy would provide up to $50 million in financing for a $232 million facility in Kinross Charter Township, Michigan, and purchase the 20 million gallons of ethanol it would produce annually.

However, Valero spokesman Bill Day confirmed in an email that the company “is no longer involved in the Mascoma cellulosic ethanol project” but declined to give further details.


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