Private companies continue to make progress in building advanced biofuel biorefineries. The Biotechnology Industry Organization (BIO) today congratulates Fiberight and its technology partner Novozymes, a member of BIO, on their progress. BIO additionally thanks the U.S. Department of Agriculture for moving forward with loan guarantees that are vital to assisting new technologies attract capital.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “The solution to America’s energy security challenge lies in applying innovative biotechnology to convert biomass to advanced biofuels. The Fiberight biorefinery promises to create direct jobs in construction and operation as well as indirect jobs in ongoing research. We congratulate the companies on their progress toward commercialization of an innovative new source of transportation biofuels.
“BIO appreciates the efforts of the USDA to make its loan guarantee program work for advanced biofuel companies with technologies that contribute to U.S. energy security. For pioneering companies seeking capital to construct facilities, these public-private programs are a necessary and vital tool. Raising capital to begin construction on commercial projects has been tough since the recent economic downturn. But companies have made significant investments and continue to make progress toward commercial development of new technologies for advanced biofuels. ”