BP Nixes Florida Biofuel Project
October 26, 2012 BP has announced it is cancelling plans to build a commercial-scale cellulosic ethanol plant in Highlands County, FL and refocusing its U.S. biofuels strategy on research and development as well as licensing its biofuels technology.
“Given the large and growing portfolio of investment opportunities available to BP globally, we believe it is in the best interest of our shareholders to redeploy the considerable capital required to build this facility into other more attractive projects,” said Geoff Morrell, BP vice president of communications.
BP originally announced plans to build the Florida facility in 2008 with the intention of turning thousands of acres of energy crops into 36 million gallons per year of cellulosic ethanol. This announcement marks the end of BP’s pursuit of commercial-scale cellulosic ethanol production in the US.
BP spokespeople said it continues to invest in and operate its biofuels research facility in San Diego, CA and a demonstration plant in Jennings, LA.