DOE approves BlueFire Ethanol’s application
FULTON — BlueFire Ethanol Fuels Inc. announced that the Department of Energy (DOE) has determined that BlueFire Ethanol has met the requirements necessary for Phase I of the application process and that the company has been invited to continue on to Phase II for the financing of its Fulton project.
The loan guarantee pursuant to this program would support the construction of BlueFire’s commercial (cellulosic) biofuels plant planned in Fulton. Under this program BlueFire has requested $250 million, which would be combined with the previously awarded $88-million grant and other resources to provide sufficient capital for the project’s construction and launch of the facility.
The Fulton facility will produce 19 million gallons of ethanol per year from woody biomass, mill residue and other cellulosic waste.
Arnold Klann, CEO of California-based BlueFire, said, “It’s going to take programs like the DOE loan 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.”
To help facilitate the closing of this financing, BlueFire Ethanol is actively recruiting specialists to close the transaction.
“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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Source: Bryant has offered Glenn McCullough MDA job
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- PHIL HARDWICK: The third grade reading gate, book buddies and school principals
- Two new casinos like the odds on Mississippi Gulf Coast
- TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- College Board names Glenn Boyce as higher education chief
- Nehi Bottling Company has been a Cleveland fixture for 85 years