Press for Mascoma
Mascoma Corporation, a renewable fuels company, announced today that it has implemented key components of the commercialization strategy for its Mascoma Grain Technology, or MGT™, yeast product, which is the first commercial application of Mascoma’s proprietary consolidated bioprocessing (CBP) technology platform. The MGT product is a genetically-modified yeast designed as a drop-in substitute for conventional fermenting yeast that lowers costs for corn ethanol producers by alleviating the need to purchase most of the expensive enzymes currently used in corn ethanol production. Mascoma is pursuing additional commercial applications of its proprietary CBP technology platform, including its recently announced joint venture with Valero Energy Corporation to develop a 20 million gallon per year commercial-scale facility in Kinross, Michigan to convert hardwood pulpwood to cellulosic ethanol.
Mascoma Corporation, a renewable fuels company, announced today that it has signed a cooperative agreement with the U.S. Department of Energy (DOE) to assist in the design, construction and operation of a commercial-scale hardwood cellulosic ethanol facility in Kinross, Michigan. The cooperative agreement provides for up to $80 million in DOE funding, in addition to $20 million in funding previously awarded by the DOE related to research and development for this project. This agreement includes a cost-sharing arrangement under which the DOE will contribute to the costs for construction of the Kinross facility, and the balance of the construction costs will be funded by Valero Energy Corporation and a grant from the State of Michigan.
Mascoma Corporation, a renewable fuels company, announced today that it has entered into definitive agreements with Valero Energy Corporation, the nation’s largest independent oil refiner and a leading ethanol producer, to develop and operate a first-of-its-kind 20 million gallon per year commercial-scale cellulosic ethanol facility in Kinross, Michigan. The cost to construct, commission and start-up this facility is expected to be approximately $232 million, based on current external engineering estimates, and includes certain up-front infrastructure costs that will enable the expansion of the facility to 40 million gallons per year. These costs are fully funded, with Valero providing the majority of the financing, and the remainder from awards by the U.S. Department of Energy (DOE) and the State of Michigan. Construction of the Kinross facility is anticipated to start in the next three to six months and is expected to be completed by year-end 2013.
Mascoma Corporation, an innovative biofuels company, announced the appointment of David Arkowitz as its new Chief Financial Officer (CFO). Mr. Arkowitz, who joins Mascoma at the end of the month, will be responsible for the company’s finance and investor relations areas, and assume a key role in the company’s general management and governance.