BIO Congratulates ZeaChem, Applauds USDA Loan Guarantee Announcement
Biorefineries continue to make progress toward commercial-scale production of cellulosic and advanced biofuels, with vital assistance from the USDA loan guarantee program. The Biotechnology Industry Organization (BIO) congratulates member company ZeaChem Inc. on receiving a conditional commitment for one of the largest loan guarantees under the USDA Biorefinery Assistance Program. BIO also applauds the USDA’s continued commitment to helping advanced biofuel companies raise the capital necessary to build biorefineries, create jobs, and contribute to America’s energy security.
BIO President & CEO Jim Greenwood stated, “Companies are making significant investments and progress toward commercialization of technology for advanced biofuels. ZeaChem is investing $390.5 million to build an advanced biorefinery that will generate 188 construction jobs, 65 full-time operations jobs, plus an additional 242 indirect jobs in the rural community of Boardman, Ore. This progress follows the recent completion of a demonstration facility in the same community that I had the privilege to tour.”
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, added, “BIO also applauds the USDA for assisting advanced biofuel companies attract necessary capital to commercialize technologies that meet the goals of the Renewable Fuel Standard. For companies with pioneering technology, these public-private programs are a necessary and vital tool. Producing advanced biofuels from new sources of woody biomass and crop residues will make a substantial contribution to U.S. energy security and economic growth in the near term and create a sustainable energy future.”