BlueFire Ethanol advances with loan guarantee for biofuels plant

07 July 2010 16:01  [Source: ICIS news]

LONDON (ICIS news)--The US Department of Energy has cleared BlueFire Ethanol to advance to the second phase of a two-stage approval process for receiving a $250m (€198m) government loan guarantee for a biofuels plant, the US biofuels maker said on Wednesday.

The $250m loan guarantee would be combined with a previously awarded grant of $88m grant and other resources to provide capital for the construction and launch of a commercial cellulosic ethanol biofuels plant in Fulton, Mississippi, BlueFire Ethanol said.

The Fulton facility would produce 19m gallons of ethanol/year from woody biomass, mill residue and other cellulosic waste, the group added.

"We are very pleased to see the financing for the Fulton facility moving forward," said BlueFire Ethanol CEO Arnold Klann.

"It's going to take programs like theloan guarantee to enable first-of-its-kind technologies to be in a position to secure the necessary funding to move forward and help provide cleaner energy sources to the fuel market," he added.

"We are currently evaluating all options and seeking strategic personnel to help BlueFire successfully close the financing for the Fulton facility and other future facilities," said Klann.

($1 = €0.79)

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By: Franco Capaldo
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