By San Antonio Business Journal

Valero Energy Corp., the nationâ¿¿s largest independent oil refiner, reached a deal with Mascoma Corp. and its Frontier Renewable Resources LLC subsidiary to help finance the construction of one of the worldâ¿¿s first commercial scale cellulosic ethanol biorefineries.

Under the terms of the agreement, Valero plans to invest up to $50 million in the facility, to be located in Kincross Charter Township, Mich. The biorefinery should have an annual production of 40 million gallons of low-carbon cellulosic ethanol. The refinery will turn hardwood pulp into ethanol.

San Antonio-based Valero (NYSE: VLO) owns 15 petroleum refineries, 10 ethanol plants, a wind farm and a network of 5,800 retail and wholesale gas stations.

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