BP starts up celullosic ethanol joint venture with $45m, pays $161m fine for Clean Air Act violations
Maybe the $45 million that BP (along with another $45 million from partner Verenium Corp.) is putting into a new cellulosic ethanol commercializaion project will result in better headlines. The new joint venture company will seek to create the biofuel from non-food feedstocks at a commercial-scale plant coming to HIighlands County, Florida. Construction there should start in 2010 and cost somewhere between $250 million and $300 million. If all goes well, the ethanol should start flowing in 2012. These dates are slightly later than previously indicated.
[Source: EPA, Boston Globe]
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