REPORT: EPA's cellulosic ethanol estimates proved wrong by fraudulent company
Cello Energy was recently found guilty of fraud in a federal court in Alabama. The court found the company lied to a major investor about their ability to produce ethanol sourced from non-feedstock materials and was passing off an oil-based product as cellulosic ethanol. Whoops.
Cello now needs to pay $10.4 million in damages. What does this mean for the U.S. cellulosic ethanol market? If domestic producers can't reach the 100 million gallons target, then the Government can issue credits that would allow producers to be paid up to $3/gallon. Alternately, the industry will be given additional time to meet the goal.
[Source: Green Car Advisor]
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