13 January 2011 14:53 [Source: ICIS news]
TORONTO (ICIS)--Valero, the largest ?xml:namespace>
Under a non-binding letter of intent, Valero, Mascoma and Mascoma subsidiary Frontier Renewables Resources were planning to build one of the world’s first commercial-scale wood-based cellulosic ethanol bio-refineries, with a capacity of 40m gal/year (151m litres/year) of low-carbon cellulosic ethanol, Mascoma said.
Construction of the bio-refinery at
Valero would potentially invest up to $50m (€38m) of the equity required to finance the bio-refinery, and it would also enter into an offtake agreement for the project’s ethanol production, Mascoma said.
The project was supported with funding from the
Mascoma’s 200,000 gal/year cellulosic ethanol demonstration facility in
“Valero’s proposed investment in our first commercial-scale production facility proves the economic practicality of Mascoma’s technology for the conversion of woody biomass into ethanol,” said Mascoma CEO Bill Brady.
Last year, Mascoma announced the acquisition of
($1 = €0.76)
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