Biofuel company Sapphire Energy pays of $54.5m government loan early
#1
07-31-2013, 05:02 AM
Biofuel company Sapphire Energy pays of $54.5m government loan early
Filed under: Emerging Technologies, Green Culture, Manufacturing/Plants, USA
In the "lightning strikes twice" department, another California company in the green transportation field has said it paid off its federal government loans ahead of schedule. In this case, San Diego-based Sapphire Energy, which specializes in converting plant algae to crude oil, says it has paid off its $54.5-million loan, originally granted by the US Department of Agriculture, ahead of schedule.
Sapphire, which took out its loan under the agriculture department's Biorefinery Assistance Program, says it will produce 100 barrels of crude oil from its New Mexico plant on a daily basis by 2015 and will be making oil at "commercial scale" levels three years later. In 2008, the company started publicizing its efforts to combine algae with CO2, sunlight and other microorganisms to produce legitimate gasoline (91 octane, no less). A year later, Sapphire reps drove a Toyota Prius, nicknamed the Algaeus, powered by algae-based gas to drive to New York City from San Francisco.
The other green mobility company to pay off its loan early is electric-vehicle maker Tesla Motors, which said in late May that it paid of its $465 million Department of Energy loan. That loan was also taken out in 2009 and was not due to be paid in full until 2022. Check out Sapphire's press release below.Continue reading Biofuel company Sapphire Energy pays of $54.5m government loan early
Biofuel company Sapphire Energy pays of $54.5m government loan early originally appeared on AutoblogGreen on Wed, 31 Jul 2013 08:01:00 EST. Please see our terms for use of feeds.
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In the "lightning strikes twice" department, another California company in the green transportation field has said it paid off its federal government loans ahead of schedule. In this case, San Diego-based Sapphire Energy, which specializes in converting plant algae to crude oil, says it has paid off its $54.5-million loan, originally granted by the US Department of Agriculture, ahead of schedule.
Sapphire, which took out its loan under the agriculture department's Biorefinery Assistance Program, says it will produce 100 barrels of crude oil from its New Mexico plant on a daily basis by 2015 and will be making oil at "commercial scale" levels three years later. In 2008, the company started publicizing its efforts to combine algae with CO2, sunlight and other microorganisms to produce legitimate gasoline (91 octane, no less). A year later, Sapphire reps drove a Toyota Prius, nicknamed the Algaeus, powered by algae-based gas to drive to New York City from San Francisco.
The other green mobility company to pay off its loan early is electric-vehicle maker Tesla Motors, which said in late May that it paid of its $465 million Department of Energy loan. That loan was also taken out in 2009 and was not due to be paid in full until 2022. Check out Sapphire's press release below.Continue reading Biofuel company Sapphire Energy pays of $54.5m government loan early
Biofuel company Sapphire Energy pays of $54.5m government loan early originally appeared on AutoblogGreen on Wed, 31 Jul 2013 08:01:00 EST. Please see our terms for use of feeds.
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