Mississippi Pledges Financial Support For Five KiOR Biofuel Facilities
Pasadena TX (SPX) Sep 02, 2010
KiOR has reached an agreement last Friday with the State of Mississippi to build five commercial-scale renewable crude oil production facilities in return for a State assistance package that includes a $75 million loan. According to the agreement, KiOR will build three of the five facilities over the next five years.
By 2015, the project will deliver more than 1,000 direct and indirect jobs and an estimated $500 million worth of investment. In addition to the loan, the State's package includes assistance with infrastructure needs and workforce training.
The company plans to utilize Mississippi's abundant supply of woody biomass to produce commercial volumes of Re-Crude, a high-quality crude oil that can be refined into conventional fuel products, including gasoline and diesel, and deployed in the country's existing transportation fuels infrastructure.
"This partnership with the State of Mississippi will help us to rapidly scale our technology while creating quality jobs and spurring economic development in the State," said Fred Cannon, President and CEO of KiOR.
"We're excited about making a meaningful and near-term contribution to easing our country's dependence on foreign oil, reducing greenhouse gas emissions and providing a boost to rural economies."
"I am delighted to welcome KiOR to Mississippi," Governor Haley Barbour said.
"I am pleased this innovative new company has committed to locating five production facilities in the state and will be providing 1,000 high-quality jobs for Mississippi residents and economic opportunities in rural communities around the state. KiOR's revolutionary technology will allow the company to use Mississippi's abundant, renewable natural resources to produce a crude oil substitute that will help meet our nation's energy needs while reducing our dependence on foreign oil."
KiOR has developed a biomass-to-renewable crude oil conversion process that essentially reduces the time it takes nature to produce oil from millions of years to a matter of seconds. KiOR's process utilizes a proprietary catalyst system and leverages a proven technology used in the oil refining industry. It has significant cost advantages, including lower capital and operating costs, compared to other biofuels technologies.
KiOR will initially utilize woody biomass in its process, but the technology can eventually take advantage of other feedstock such as agricultural residue or purpose grown energy crops. The process is being successfully demonstrated at the company's facility located outside of Houston, which is producing up to 15 barrels of renewable crude oil per day from woodchips, a 400 time scale-up from the company's pilot plant.
Share This Article With Planet Earth
Bio Fuel Technology and Application News
Boston MA (SPX) Aug 27, 2010
Scientists have reported development of a new battery-like device that opens the possibility that people one day could "recharge" cell phones, laptops, and other portable electronics in an unlikely way ? with a sugar fix from a shared sip of soda pop or even a dose of vegetable oil. They described the device, the first fuel cell that produces electricity with technology borrowed from the b ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|