If you would like more information about what’s happening in Oregon, please FReepmail me. Please send me your name by FReepmail if you want to be on this list.
Posted on 01/08/2023 11:47:18 AM PST by mac_truck
A much-hyped but yet-to-be-completed aviation biofuels refinery in southern Oregon appears to be headed for foreclosure after backers failed to make principal and interest payments on some $300 million in debt.
Red Rock Biofuels launched efforts nearly a decade ago to build the cutting-edge facility in Lakeview but repeatedly ran into obstacles, even as project skeptics questioned its feasibility.
The project has now accrued an additional $56 million in interest owed to private investors who bought bonds to fund the project, according to a four-page notice of sale first published Dec. 21 in the Lake County Examiner newspaper. The notice said the property would be auctioned to the highest bidder on Feb. 9 if the project’s owner didn’t pay the entire amount due to date and cure any other default by five days before that date. It’s not clear how far behind backers are in making payments.
The potential foreclosure is the latest turn in the long and troubled saga of Red Rock Biofuels, a project touted as an economic home run for the remote southern Oregon town and an environmental boon for the aviation industry, which has long sought a means to reduce its massive carbon footprint.
(Excerpt) Read more at oregonlive.com ...
This is madness.
Oregon’s train to nowhere...
If you would like more information about what’s happening in Oregon, please FReepmail me. Please send me your name by FReepmail if you want to be on this list.
Sounds like bio-fuel version of Solyndra. Key Democrat bundlers must have made millions $$$$$
aviation biofuels = DEAD-END
Thanks for the cash! It was great while it lasted. See Ya!
The money from Green projects doesn’t come from the product, it comes from construction subsidies. Developer/investment bankers make their money, then walk away as the project crashes and burns.
Yew want some fries wit yer avgas, pardner?
Funded mostly by every level of government: city, state and federal.
“Its development was supported by a $75 million funding award from the Department of Defense; fuel purchase commitments from FedEx and Southwest Airlines; more than $2 million in infrastructure improvements funded by the town of Lakeview and Business Oregon; and about $300 million in tax-exempt economic development bonds issued in 2018 through the state of Oregon.”
Our local government opened a single-stream recycling facility a few years ago, claiming it would be a “profit center” for the county. Now it loses several hundred thousand dollars each year.
At least no Cuomo was involved in its closing.
Which biofuels?
There’s ethanol and biodiesel. Other biofuels are strictly experimental and acknowledged money-losers. Ethanol, despite government mandate, has a profit margin based on the distiller’s grain by-product. I’m not sure biodiesel has any profit margin, even with mandates.
“madness” - no kidding. You pour thousands of gallons of diesel into farm equipment, use thousands of tons of nitrogen fertilizer to get good yields, let the sun and earth do their work to grow a crop, transport the highly diffuse crop in diesel powered trucks to the refiner and, in the end, get back a few gallons of “biofuel.” All to solve a ginned-up non-problem.
Only government “scientists” would think this makes any sense.
“Because none of them work”
And will NEVER work. Never.
but if you stop growing food how you going to make bio-fuel from people ? LOL
You KNOW that they didn't enter into those agreements voluntarily. The government was "suggesting" that they buy that fuel.
Maybe buying and burning a few gallons of the stuff wins them a few brownie points from ignorant people. "Oh, looky, Maude...they are saving the earth by using biofuels in our jet. We are such good people to fly on a bio fueled jet"
Here is an interesting article about this place: https://www.biofuelwatch.org.uk/2021/the-curious-case-of-red-rock-biofuels/
THE CURIOUS CASE OF RED ROCK BIOFUELS
For a variety of reasons, not the least of which are the technological limitations, the promise of making supposedly low carbon renewable fuels from woody biomass has been a hard to attain objective for the aviation biofuels sector.
A curious case study in efforts to reach this aviation biofuels objective is that of Red Rock Biofuels. A company that was founded in 2011, and the owner of the still as yet incomplete and unoperational bioenergy refinery of the same name in Lakeview, Oregon, Red Rock Biofuels has been an active player in the promotion of what aviation industry lobbyists and policy specialists call Sustainable Aviation Fuels (SAF in industry vernacular).
... more at link...
Biden will bail them out.
With help from Speaker McCarthy, of course.
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