Cellulosic Ethanol Plant Loses Partner
Mascoma Corporation has lost a major funding source in its efforts to build a 20 million gallon ethanol plant in Kinross. Valero Energy Corp has pulled its $50 million investment in the project. An IPO for Mascoma that would have raised $100 million has been placed on hold. The company has stated it will not proceed with the project until all funding is secured. The total cost for the facility, which has $120 million in public funding pledged, is $232 million.
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