Until now, the Japanese automaker has mostly steered clear of the biofuel (with a few exceptions), unlike the domestic brands that can't seem to get enough. New reports from Reuters say that ToMoCo, along with other Japanse firms, will work to develop low-cost cellulosic ethanol. Go figure.
Mitsubishi Heavy Industries, Toray Industries Inc, Kajima Corp, Nippon Oil Corp. and Sapporo Engineering Ltd, a wholly owned subsidiary of Sapporo Breweries, are all joining the automaker in the project, which might use plant and timber waste as a biofuel feedstock. The group's goal is to produce 1.6 million barrels a year by 2014; by 2015 they hope to drive the cost down to $70 a barrel (there are 42 gallons of fuel in a barrel, and compare here). Anyone who's been to the future should please post in the comments what the price of oil will be in 2015. Thanks.
[Source: Reuters via Domestic Fuel]