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Governors' Biofuels Coalition
NEWS UPDATE March 19, 2014

Cellulosic ethanol maker warns it may file for bankruptcy

by Christopher Doering, Des Moines Register  •    •  Posted March 19, 2014

KiOR, a commercial producer of cellulosic ethanol, warned investors the company could have trouble obtaining the necessary financing to stay in business and may be forced to file for bankruptcy. The renewable fuels producer, which makes ethanol from wood and other plant waste, said in a recent filing that the company shuttered its Columbus, Miss., biofuel plant in January to make upgrades to the facility. The Texas-based company said until it restarts production, it will not generate any revenue from the plant but will continue to face significant operating costs and expenses. [ read more … ]

Bankruptcy worries loom as funding dries up at cellulosic plant

Amanda Peterka, E&E reporter  •    •  Posted March 19, 2014

The operator of one of the nation’s first commercial-scale cellulosic biofuel plants revealed yesterday that it could be forced to declare bankruptcy if funding continues to dry up. KiOR Inc. said in a bleak annual report with the Securities and Exchange Commission that it is down to its last source of financing for the cellulosic facility in Columbus, Miss., which is being idled. Along with possible bankruptcy, the publicly traded company warned of defaults on loans and delisting from the Nasdaq stock exchange should its stock price continue a free fall. [ read more … ]

U.S., state rules seen forcing 13% plunge in Calif. fuel use by 2020

Anne C. Mulkern, E&E reporter  •    •  Posted March 19, 2014

California’s consumption of gasoline and diesel will fall as much as 13 percent within six years because of the effect of state and federal rules, a report released today said.
Bloomberg New Energy Finance projected that consumers in the nation’s most populous state by 2020 will have pared their fossil fuel purchases by more than 1 billion gallons annually. “California will experience a significant shift in the makeup of both transport fuel demand and the composition of the vehicle fleet,” said Salim Morsy, advanced transportation analyst at Bloomberg New Energy Finance. “A drop in net fossil fuel demand may put pressure on California oil refiners’ margins in the coming seven years.” [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.