Algae-to-crude company Sapphire Energy pays off government loan guarantee

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Source: www.greencarcongress.com --- Tuesday, July 30, 2013
Green crude company Sapphire Energy, Inc. has paid off the entire loan guarantee awarded to the company by the USDepartment of Agriculture. In Dec. 2009, the company was awarded a $54.5-million loan guarantee through the Biorefinery Assistance Program, administered by the USDA Rural Development-Cooperative Service, to build a fully integrated, algae-to-crude oil commercial demonstration facility in Columbus, New Mexico. In partnership with the USDA and the US Department of Energy, Sapphire Energy developed and implemented its facility, known as the Green Crude Farm, on time and on budget. Today, the Farm is operational and producing renewable crude oil on a continuous basis; the company expects to be producing 100 barrels of crude oil per day in 2015, and at commercial-scale production in 2018. As a result of the USDA?s loan guarantee and USDOE?s support, Sapphire Energy is now producing the world?s first renewable crude oil, and is in the process of scaling up the technology. The operational crude oil farm has led to additional investment in the company and commercial partnerships. The company said it repaid the remaining loan balance in full after receiving additional equity from private investors, making the loan no longer necessary to complete the next, planned phase of development. Sapphire Energy is very grateful to the USDA for supporting algae crude oil as an alternative source of Energy as well as our vision to make this ...

Source: http://www.greencarcongress.com/2013/07/sapphire-20130730.html

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