Did you know GM is the global leader in producing vehicles that can run on both gas and E85 ethanol? More than 6 million of the 10 million flex-fuel vehicles on the road in North America are GM cars and trucks. In comparison to gas, ethanol burns cleaner, emitting 21% less CO2.
As part of our commitment to the future of this alternative fuel, we’ve invested in two advanced biofuel developers—Coskata and Mascoma—who are developing technologies that turn abundant biomass and municipal solid waste into ethanol. Our motive is to speed commercialization so that one day it could be an option at your local gas stations.
Recently, both of these companies have experienced successes that show progress along this path.
•Mascoma has signed agreements with Valero Energy Corporation to develop and operate a commercial-scale cellulosic ethanol facility in Kinross, Mich. It also entered in an agreement with the Department of Energy for a cost-sharing arrangement to assist in funding the plant. The facility, targeted for completion at the end of 2013, is expected to produce 20 million gallons of cellulosic ethanol annually from hardwood pulpwood. Mascoma filed a proposed initial public offering of shares of its common stock in September.
•Coskata has filed a proposed initial public offering of shares of its common stock. The number of shares to be sold in the IPO and the offering price haven’t yet been determined. According to Crain’s Chicago Business, Coskata plans to sell these shares to continue R&D and finance the construction of a refinery in Alabama.