Local biofuel company wins $50 million grant

INDIAN RIVER COUNTY — INEOS New Planet BioEnergy, which will be located off Oslo Road in the south section of the county, was awarded $50 million in federal money and was among 19 green companies to be given grants as part of a national effort to build a biofuel  industry in the United States.

New Planet BioEnergy is working with the County to develop the facility which will be located on 71 acres near the county landfill. The company hopes to produce ethanol and electricity from wood and plant residues and other forms of garbage.  The plant is expected to produce 8 million gallons of ethanol and 2 megawatts of electricity per year by 2011.

In all, the government granted $564 million in funding which, coupled with $700 million in private funds, makes the total  investment in the projects $1.3 billion.

“Advanced biofuels are critical to building a cleaner, more sustainable transportation system in the U.S.,” Secretary Steven Chu said in a press release. “These projects will help establish a domestic industry that will create jobs here at home and open new markets across rural America.”

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