Friday, December 4, 2009
Is the Worst Over for Pacific Ethanol, Inc (PEIX)? POTC Believes the Higher Crude Climbs, Gov't Subsidies Become Godsend for Shareholders ..
The funding will help finance the construction and operation of pilot demonstration and commercial scale facilities, the Departments of Energy and Agriculture said in a statement.
The recipients include Sapphire Energy, Algenol Biofuels, Archer Daniels Midland, Clearfuels Technology and Solazyme.
"Advanced biofuels are critical to building a cleaner, more sustainable transportation system in the U.S.," said Energy Secretary Steven Chu.
Agriculture Secretary Tom Vilsack said the development of renewable energy "is a critical component of our efforts to rebuild and revitalize rural America."
Congress and the administration of President Barack Obama are subsidizing the growth of next-generation biofuels to diversify the economy away from conventional crude products as part of a plan to cut oil imports and decrease greenhouse-gas emissions.
By Ian Talley, Dow Jones Newswires; (202) 862 9285; email@example.com;
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(END) Dow Jones Newswires
December 04, 2009 11:02 ET (16:02 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 11 02 AM EST 12-04-09
Posted by The Call Team at 11:11 AM