U.S. government highlights biofuel development
Aug. 19, 2011, Washington, D.C. - The U.S. Departments of Agriculture, Energy and Navy will invest $510 million over the next three years in partnership with the private sector to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation.
The funding will help construct or retrofit several drop-in biofuel plants and refineries to accelerate the production of bio-based jet and diesel fuel.
Under the joint plan, the three U.S. departments will invest $510 million, requiring a one-to-one cost share from the private industry.
The fuels can be produced from the same sources as cellulosic ethanol, including corncobs, algae, waste and other types of biomass.
The production of biofuels is expected to reduce the U.S. dependence on imported fuel with a national spending of $300 billion on imported crude oil every year.