A Colorado company has announced it will receive $80 million in loan guarantees from the U.S. Department of Agriculture to assist in the construction of its commercial cellulosic ethanol plant in Georgia.
Range Fuels' Georgia plant is expected to be fully operational by 2010 and will convert woodchips to cellulosic ethanol and is expected to create 63 jobs and produce about 20 million gallons of cellulosic ethanol per year.
"Range Fuels intends to be part of the solution to these monumental challenges," said company CEO David Aldous. "We will provide new sources of low-carbon, environmentally friendly fuels that help provide energy security and create new jobs in the process."
The company uses a technology to create biofuel from non-food sources like woodchips, switch grass and olive pits.
The loan will comes from the Biorefinery Assistance Program which guarantees loans for the development and construction of commercial scale biorefineries for the development of advanced biofuels. The program also distributes loans to retrofit existing facilities.
The Range Fuel plant in Georgia began construction in 2007 and received over $100 million in private funding in April 2008.
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