31 Jul '13, 12pm

Official: Biofuel company Sapphire Energy pays of $54.5m government loan early

SAPPHIRE ENERGY PAYS OFF GOVERNMENT LOAN GUARANTEE USDA and Sapphire Energy Partnership Demonstrates Effective Use of Taxpayer Money and U.S. Technology Leadership SAN DIEGO, July 30, 2013 – Sapphire Energy, Inc. today announced it 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. As a result ...

Full article: http://green.autoblog.com/2013/07/31/biofuel-company-sapp...

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