announced a new strategic partnership with
that aims to build America's first industrial-scale cellulosic biofuels plant.
Range will build the facility in Soperton, Ga., by 2010. The plant will ultimately have a production capacity of 100 million gallons of cellulosic biofuels per year.
The plant will produce ethanol and methanol from non-food biomass such as wood.
Range Fuels was recently awarded an $80 million loan guarantee by the U.S. Department of Agriculture to build the plant. The loan was the first ever to be dedicated to a cellulosic biofuels program.
Range Fuels is a privately held company based in Broomfield, Colo. It is funded by a number of greentech venture capital firms, including Khosla Ventures.
If successful, the project
. That proposal calls for a 36 million gallon-per-year plant to be built by 2012.
Shares of Emerson were recently moving 6.2% lower at $24.78. BP was sliding 1.5% at $35.29, and Verenium was unchanged at 35 cents a share.