Which companies are making the biggest investments in biofuels?
A company is spending millions to build biofuel factories and start producing biofuel at a scale not seen since the 1950s, a move that could transform the industry in the coming decades.
The biofuel industry, which uses petroleum to fuel the production of food, power and fuel, has become an increasingly important source of revenue for the U.S. and Europe.
But many companies are reluctant to invest in new biofuel plants because of costs and political and legal barriers.
The BioFuel Innovation Center, based at Cornell University, aims to change that by opening a $3.5 billion facility to produce biofuethanol.
It has received $1.6 billion from investors including Amazon.com Inc, Google Inc and others.
The center is part of a wave of new investment in biofuel that has made it easier for companies to invest.
“We think that the biofuce industry is in the early stages of its renaissance, and we think it has a long, long way to go to compete with oil,” said Daniel Stearns, a biofuel expert at the New America Foundation.
The $3 billion project, part of the National Renewable Energy Laboratory’s Center for Biofuels, is the largest investment in the biofuel space to date.
“If you look at what we’re doing, we’re making a much better deal than what oil companies have been doing,” said Jens Berg, chief executive of the company, the world’s largest producer of biofuant and a key player in the fuel industry.
The facility will produce the biofuelled fuel from corn-based ethanol and algae and convert it into diesel, jet fuel or other fuels.
It will be the largest biofuel facility in the world, capable of producing up to 3 million gallons of fuel per day.
The effort marks a significant shift in the way biofuers operate, which has long relied on expensive oil.
It also could help reduce pollution caused by global warming, which scientists say could cause global food shortages.
Biofuel has been shown to reduce greenhouse gas emissions by 20 percent compared to traditional oil.
Companies like Dow Chemical Co., BASF AG and Exxon Mobil Corp. have invested in the technology.
“There’s a growing trend in the U., Europe and Japan to develop biofuente as a viable alternative to oil,” Berg said.
“We’re not alone.”
Companies such as Exxon Mobil and Dow are the world leaders in biofuel production, with roughly $8 billion invested in plants and plants in the United States alone.
But they are not the only ones.
Other large players include Anheuser-Busch InBev NV, the largest brewer in the European Union, and the French oil giant Total SA.
Biofuentes also are being made in Germany by the Dutch oil giant Shell Plc, which is among the biggest investors in the BioFuel Institute.
The center is the result of a partnership between the National Research Council and Cornell University that began in 2011.
The NRC is an interdisciplinary research organization that focuses on emerging technologies.
The institute, which began as a group of six, is funded by the National Science Foundation and the U-M Endowment for Innovation.
The Center for Biosciences, an independent nonprofit, provides funding to the institute.
Its first project, an 8.5-megawatt biofuel plant, opened in 2015 and has since produced over 2 million gallons a day.
“It’s a very important part of our portfolio,” said Steve Pendergast, an NRC scientist who heads the institute’s Energy Innovation Center.
Pendergasts said it was difficult to imagine a time when companies couldn’t benefit from biofuenergies.
But it is also possible to be environmentally friendly with the right investments and technological advances, he said.
“A lot of companies don’t invest because they don’t want to,” he said, “and it’s not always as simple as saying, ‘I’m going to buy this thing because I want to save the planet.’
We need to invest to make it happen.”
Berg said the center would also partner with universities to create research and technical colleges that would provide students with the technical skills needed to compete in the industry.
It is a step in the right direction, Berg said, but the real challenge lies in understanding how to make biofuess cheap enough to make the world a better place.
Berg is among several industry experts who are skeptical of biofuel’s long-term viability.
Biofuel is one of the fastest-growing renewable technologies, but its emissions are expected to continue to rise, particularly from oil and natural gas use.
The NRC’s $1 billion investment in BioFuel in 2015 came on top of $3 million in research and development funding it received in 2010 and 2011.
“Bioscience has been doing a lot of work on the future of bioenergy, but it hasn’t done a lot to prepare people for the challenges ahead,” said Michael