Verenium moves to due diligence on US DOE loan guarantee

In Florida, Verenium and BP announced that their jointly-owned, commercial cellulosic ethanol project in Highlands County has been moved by the US DOE into the due diligence phase of its Title XVII Loan Guarantee Program.  Under this program, the DOE may provide loan guarantees for project debt covering up to 80% of eligible costs. The Highlands project is scheduled to break ground in 2010.

The joint venture (JV) between BP and Verenium is a 50/50 JV for the commercialization of cellulosic ethanol. The JV also intends to develop a second site in the Gulf Coast region.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Verenium and BP name their partnership Vercipia, aim for DOE loan guarantee on Florida project

In Massachusetts, BP and Verenium announced that its 50-50 joint venture company will operate under the name Vercipia Biofuels, and plan to relocate its corporate headquarters to Florida. Vercipia con...

BlueFire Ethanol proceeds to Stage Two of DOE Loan guarantee process

In California, the Department of Energy has determined that BlueFire Ethanol has met the requirements of Part One of the loan guarantee application process, and have invited the company to proceed ont...

Verenium receives Department of Energy grant towards demo-stage cellulosic ethanol plant in Louisiana

In Louisiana, Verenium said that it had received an unspecified award from the Department of Energy towards its 1.4 Mgy demonstration-scale cellulosic ethanol plant  in Jennings. The grant will assis...

Verenium receives $5.4 million grant from New Zealand for research on cellulosic ethanol from softwoods

In Massachusetts, Verenium said that the company, in partnership with Scion and AgResearch, has received a three-year, $5.4 million grant from the New Zealand Foundation for Research, Science and Tech...

DOE launches new $30 billion loan guarantee round; includes $500 million for “cutting edge biofuel projects”

In Washington, US Energy Secretary Steven Chu announced up to $30 billion in new loan guarantees, funded partly through the Recovery Act and partly through 2009 appropriations. The lending authority i...

Range Fuels secures $80 million loan guarantee from USDA for 100 Mgy cellulosic ethanol plant

In Georgia, Range Fuels announced that it has secured an $80 million loan guarantee through the US Department of Agriculture that will assist with the financing of its 100 Mgy wood-waste gasification ...