Friday, Nov 11 2011 4:50PM
The U.S. Department of Agriculture (USDA) has announced it will fund a loan for a New Mexico biofuels facility. This project will advance the use of renewable energy and increase the nation's energy independence, while creating local jobs in rural New Mexico.
The U.S. Department of Agriculture (USDA) has announced it will fund a loan for a New Mexico biofuels facility. This project will advance the use of renewable energy and increase the nation's energy independence, while creating local jobs in rural New Mexico.
The facility will produce algae-based biofuel that can replace diesel and jet fuels, with a planned production capacity of 1 million gallons per year. This represents another step towards the Renewable Fuel Standard goal of producing 36 billion gallons of biofuels by 2022.
Algae fuels are regarded as a significant resource to cultivate in pursuit of that goal. Because such facilities are often constructed in rural areas, they can serve as
economic community development initiatives.
"This project represents another step in the effort to assist the nation's advanced biofuel industry produce energy in commercial quantities from sustainable rural resources," Agriculture Secretary Tom Vilsack said.
The funding for this project, a loan of $44.5 million, is guaranteed through the USDA's Biorefinery Assistance Program. Refining of the crude fuel produced by the facility may result in additional U.S. jobs.
For further reference, check out this source:
U.S. Department of Agriculture