Algae-oil company pays off $54.5M USDA loan guarantee

07/30/2013 | DomesticFuel.com

Sapphire Energy has repaid in full a $54.5 million loan guarantee issued in 2009 under the Department of Agriculture's Biorefinery Assistance Program. The company used the funds to construct a demonstration-scale, algae-based crude oil manufacturing facility in New Mexico. It is now operational. "The investments being made in low-carbon biofuel production are paying off and moving technologies forward," said Doug O'Brien, the USDA's acting undersecretary for rural development.

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