Today in Biofuels: USDA, DOE enter biocrude race with $944,000 grant; D1 Oils founder may bid for company; Africa lacks infrastructure for biofuels
Top Story:
In Iowa, the USDA and Department of Energy announced a $944,000 grant to support a project at Iowa State using fast pyrolysis, gasification and nanotechnology based catalyzation to produce ethanol. Project director Victor Lin, a professor of chemistry and director of the Center for Catalysis, told Science News said that research into catalysts slowed in the 1990s over issues of controlling reactions and productivity. The new catalysts are solid nanospheres with honeycomb channels, loaded with a metallic catalyst and other species.
Producer News:
In Minnesota, Minnesota Pollution Control Agency will recommend that Agassiz Energy complete a detailed Environmental Impact Statement before receiving permission to proceed with its $130 million, 70 Mgy ethanol plant in Erskine. Agassiz Energy said it could add $500,000 to the project which took two years to complete its Environmental Assessment Worksheet and review process. The group will be asked to assess groundwater pumping on area wetlands, greenhouse gasses emissions data and a mercury levels.
In North Carolina, Kreido Biofuels has delayed the opening of its 50 Mgy biodiesel plant in Wilmington by six months, to the fourth quarter of 2008. The company cited financing delays, government approvals and current market conditions as reasons for the delay.
In Indiana, Lake County Solid Waste Management District green-lighted three companies to presents proposals for a garbage-to-ethanol project, with a deadline of May 15 for proposals. Allied Waste, Genehol Powers and Indiana Ethanol Power are the companies in the running for the 20-year contract at two waste plants.
International News:
In Canada, Prince Edward Island Development Minister Richard Brown told CBC that the Atlantic provinces are set to establish a unified standard for biofuels, which may include a minimum blending percentage or tax incentives.
In England, D1 Oils founder and former chairman Karl Watkin said he may make a bid for the entire company, and is evaluating strategic options following his resignation from the board last month. Watkins resigned after the company announced a downsizing due to adverse market conditions stemming from US competition.
In Switzerland, the managing director of HG Consulting told the Sugaronline conference that Africa lacks the infrastructure and regulatory framework to become a major biofuels exporter at present. Meghan Sapp, said that South Africa, Mozambique, Kenya and Nigeria showed promise as sugarcane or cassava-based ethanol, but that ports, roads, schools and clinics were needed for the plantations, refineries and workforce required.
In Thailand, the Export-Import Bank of Thailand plans to invest $3.2 million in the MFC Asset Management new energy fund, focused on renewable energy production. The MFC Energy Fund is an open-ended, 10-year fund with $128 million raised from 11 financial institutions. The Fund is investing in solar, biodiesel, biomass and ethanol projects, and could be expanded to more than $500 million.
Research News:
The Nebraska Farm Real Estate Market Survey shows that local farmland prices have jumped 23 percent in the past year, and 88 percent since 2003. Adjusted for inflation, land prices set an all-time record in 2007, on strong demand for corn, at $1,425 per acre.
In Nebraska, detailed results from the five-year switchgrass study, that demonstrated average production costs of $60 per ton of biomass with a low of $39 per ton, are now available online. The complete USDA / U Nebraska-Lincoln study will be published in BioEnergy Research, but is available online here.
Policy and Policymakers:
In Illinois, House Bill 4696, that would increase state support for ethanol to $10 million in the form of 10-cent-per-gallon grants, was passed unanimously by House Renewable Energy committee and now moves to the House floor. The measure would also provide support for local governments and and gas stations for ethanol pumps.
Consumer and Fleet News:
In California, the first E85 station opened in the Los Angeles metro area, at the Conserv station in Brentwood. General Motors sponsored an 85-cent per gallon E85 promotion for opening day. There are more than 46,000 flex-fuel vehicles in Los Angeles.
Financial News:
The Biofuels Digest Indexâ„¢ (BDI), a basket of public biofuels stocks, dove 3.85 percent yesterday to close at 111.10 as Archer Daniels Midland rocketed downwards, overcoming improvements in ethanol stocks. For the day, Archer Daniels Midland (ADM) fell 4.76 percent to close at $40.18, while among ethanol stocks Verasun Energy (VSE) soared 15.51 percent to $6.63, shaking off a Moody’s downgrade earlier in the week; US BioEnergy (USBE) jumped 13.88 percent to $5.25. Among small caps, Nova Biosource Fuels (NBF) gained 15.97 percent to $1.38 on news of management changes and new financing. Declines led advances 3 to 2.
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