[ad#The Buzz Sponsor Ad]

Sapphire Energy pays back USDA loan guarantee

July 30, 2013
AlgaeIndustryMagazine.com

Sapphire-Energy-logo-July-2010Sapphire Energy, Inc. has paid off the entire loan guarantee awarded to the company by the U.S. Department 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, N. M. In partnership with the USDA and the U.S. 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.

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 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 industry a reality,” said Cynthia ‘CJ’ Warner, CEO and chairman of Sapphire Energy. “With their backing, we did exactly what we set out to do. We grew our company, advanced our algae technologies, and built, on time and on budget, the first, fully operational, commercial demonstration, algae-to-energy facility that delivers a proven process for producing refinery-ready Green Crude oil. We could not have built this first of a kind facility without the support of the USDA. Moving forward, our focus is on commercializing our technology and expanding operations to bring crude oil production to commercial demonstration scale as planned.”

More than 600 jobs have already been created throughout its phase 1 construction, and 30 full-time employees currently operate the facility. The company expects to be producing 100 barrels of crude oil per day in 2015, and at commercial-scale production in 2018.

More Buzz…

HOME Algae Industry Jobs

Copyright ©2010-2013 AlgaeIndustryMagazine.com. All rights reserved. Permission granted to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

From The A.I.M. Archives

— Refresh Page for More Choices
Algae Health Sciences, Inc., a subsidiary of BGG, has announced that it has submitted a New Dietary Ingredient (NDI) to the US FDA for its flagship product AstaZine® Natu...
Forbes is running an interview with Bren Smith, an Ashoka Fellow and the founder of GreenWave, an organization dedicated to restoring oceans, mitigating climate change an...
Algatechnologies Ltd (Algatech), of Kibbutz Ketura, Israel, has become part of the FoodConnects consortium, as winner of a pan-European competition for the Food4Future pr...
In one of the most comprehensive studies to date, University of North Carolina at Chapel Hill researchers have sequenced the genes of a harmful algal bloom, unveiling nev...
Kailua-Kona, Hawaii-based Cellana, Inc., a leading developer of algae-based products for sustainable nutrition and energy applications, and Living Ink Technologies of Den...
Dan Wood, at the University of Connecticut, writes that assistant extension educator of marine aquaculture at UConn’s Avery Point Campus, Anoushka Concepcion, spoke about...