Dec 7 2009
Sapphire Energy has received an award of $104.5 million for its efficient energy work. Sapphire Energy, which is considered as a leading company in algae-based fuel technology, received this award, as a part of President Obama’s American Recovery and Investment Act and the Biorefinery Assistant Program, which gained its authorization through the Farm Bill of 2008. The US Department of Energy issued this grant for $50 million and the US Department of Agriculture issued the loan guarantee for $54.5 million.
Green Crude from algae from Sapphire Energy replaces crude oil. The Green Crude can be directly refined into diesel, jet fuel and gasoline. These fuels are capable of reducing greenhouse gas emissions to about 70% without influencing fresh water or fertile lands. Many of the successful commercial airline test flights and well known coast-to-coast car tours utilize the fuels from Sapphire Energy.
Dr. Jason Pyle, CEO of Sapphire Energy, remarked that the funding will help the company to expand its commercial-scale pond system in New Mexico, and it will lead to developments in the company’s laboratories at San Diego. Pyle further added that more than 750 jobs that are both direct and indirect will be created in Luna County’s communities of Deming and Columbus and also in New Mexico. When the project begins its operation, 30 to 40 highly skilled permanent jobs will be available, and all these developments and expansions are expected to take place in the year 2010.
As per the instructions received from President Obama programs were created in order to reduce the nation’s dependence on foreign oil and thus improving the nation’s security. These programs also aimed in creating new job opportunities, and providing cleaner energy. In a national press release, Tom Vilsack the Agriculture Secretary and Steven Chu, Secretary of the Department of energy made an announcement that 19 companies including Sapphire Energy will be funded for further developments.
Source: http://www.sapphireenergy.com/