Sapphire Energy Pays $54.5 Million Government Loan Guarantee Early
August 1, 2013 1:09 PM
Sapphire Energy is now working on scaling up its production of the world's first renewable crude oil
A green crude oil production company has
paid off its loan guarantee
to the U.S. government early and in full.
, a producer of the world’s first renewable crude oil, fully repaid its $54.5 million loan guarantee early. The loan was awarded to Sapphire Energy by the U.S. Department of Agriculture in 2009 through the Biorefinery Assistance Program.
“Sapphire Energy is very grateful to the USDA for supporting algae crude oil as an alternative source of energy as well as our vision to make this industry a reality,” said Cynthia ‘CJ’ Warner, CEO and chairman of Sapphire Energy. “With their backing, we did exactly what we set out to do. We grew our company, advanced our algae technologies, and built, on time and on budget, the first, fully operational, commercial demonstration, algae-to-energy facility that delivers a proven process for producing refinery-ready Green Crude oil. We could not have built this first of a kind facility without the support of the USDA. Moving forward, our focus is on commercializing our technology and expanding operations to bring crude oil production to commercial demonstration scale as planned.”
Sapphire Energy is now working on scaling up its production of the world's first renewable crude oil. The company built its Green Crude Farm, which promotes algae crude oil production from cultivation to extraction. Its biofuel is made from photosynthetic microorganisms like algae and cyanobacteria, and uses sunlight and carbon dioxide as their feedstock. Also, its biofuel is not dependent on food crops or farmland, does not use potable water, does not result in biodiesel or ethanol, and is low carbon, renewable and scalable.
The farm has created over 600 jobs throughout its phase 1 construction with about 30 full-time employees currently operating the facility.
Sapphire Energy plans to produce 100 barrels of crude oil per day in 2015, and hit commercial-scale production in 2018.
This isn't the first government loan to be paid off early this year. Back in May, Tesla Motors repaid its $465 million loan to the U.S. Department of Energy
nine years early
"Well, we didn't have anyone in line that got shot waiting for our system." -- Nintendo of America Vice President Perrin Kaplan
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