WASHINGTON, D.C. (Thursday, May 26, 2011) - Extended Department of Defense (DOD) purchasing contracts for advanced biofuels can help innovative companies unlock investment opportunities for construction of biorefineries. The Biotechnology Industry Organization (BIO) today thanked Sens. Patty Murray (D-Wash.) and Maria Cantwell (D-Wash.) for introducing the Domestic Fuel for Enhancing National Security Act of 2011, which would allow the Department of Defense to increase long-term contracts with biofuel producers from 5 years to 15 years for the purchase of advanced biofuels.
“To achieve true energy independence, the United States need to dramatically increase advanced biofuel production. But that requires capital investment in deploying new technologies. Expanding the Defense Department’s ability to engage in long-term contracts would provide advanced biofuel companies needed market stability as they commit capital to building new biorefineries,” said Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section.
“The Defense Department recognizes that domestically produced advanced biofuels are vital to our energy security. For instance, they can reduce the military’s dependence on foreign oil and shield it from volatile energy supplies and prices. The common sense changes to Department of Defense procurement policies in this legislation can move the country another step closer to energy security,” Erickson concluded.
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BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.
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