I never understood the concept of burning food for fuel. The Brazilians started the trend by using sugar based ethanol. Then Progressive American politicians in both parties began to see this as the magic bullet to get the US energy independent. The truth is ethanol has turned into a boondoggle. Recently an ethanol plant was sold at a loss of 65 million dollars. That’s taxpayer money lost in that deal.
The failed Range Fuels wood-to-ethanol factory in southeastern Georgia that sucked up $65 million in federal and state tax dollars was sold Tuesday for pennies on the dollar to another bio-fuel maker with equally grand plans to transform the alternative energy world.
LanzaTech, a New Zealand-based biofuel company, paid $5.1 million for the plant in Soperton. Its main financial backer: Vinod Khosla, a California entrepreneur who also bankrolled Range Fuels, and helped secure its government loans, before Range went bust last year.
LanzaTech hasn’t received the same type of loans, but the company has received $7 million from the U.S. departments of Energy and Transportation to assist in the development of alternative fuels.
This is a disgusting example of State Capitalism/Socialism. Let me know when the US gets backs to fiscal responsibility and free markets. I will not hold my breath.
Tags: Green Energy, Range Fuels
