Biofuel company Kior said yesterday it has it is close to securing a $1 billion loan guarantee from the Department of Energy to build plants to make fuels from wood.
Pasadena, Texas-based Kior said that it has a term sheet with the DOE for the loan guarantee to build four biorefineries in Mississippi, Georgia, and Texas. The plan envisions making 250 million gallons of biofuels a year.
Rather than ethanol, Kior's process converts wood chips and similar materials into replacements for gasoline or diesel fuel. It uses a catalyst and a technique called fluid catalytic cracking borrowed from oil … Read more