|Braley Fights to Create Jobs, Boost Investment in Biofuels|
|News Releases - General Info|
|Written by Alexandra Krasov|
|Friday, 08 July 2011 12:38|
Washington, DC – Today, Congressman Bruce Braley (IA-01) announced that the Department of Energy (DOE) is offering a $105 million loan guarantee tosupport the development of the nation’s first commercial-scale cellulosic ethanol plant in Emmetsburg, Iowa. Rep. Braley’s legislation, passed last Congress, allows DOE to provide a loan guarantee for the new biofuel plant and others like it.
“Investment in biofuels is crucial not just to Iowa’s economy, but also to our country as a whole,” said Rep. Braley. “By producing ethanol in new and innovative ways, we can lower the price of gas across the country and reduce our national dependence on foreign oil. This new plant will help create hundreds of jobs right here inIowa, and I’ll keep fighting to make sure we grow our economy and create long-term, good-paying jobs in Iowa and all over America.”
The project, sponsored by POET, LLC, will produce up to 25 million gallons of ethanol per year and is estimated to bring approximately $14 million in newrevenue to Iowa farmers. Named Project LIBERTY, the new plant will use corncobs, leaves and husks provided by Iowa farmers – local materials that do not compete with feed grains. Project LIBERTY will displace over 13.5 million gallons of gasoline annually and fulfill more than 25 percent of the projected 2013 Renewable Fuel Standard Requirement for biomass-based cellulosic ethanol. POET estimates that 85 percent of Project LIBERTY will use local, U.S.-grown materials.
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