Biofuel Company Latest To Pay Off Government Loan Early

From GreenCarReports Government lending to green technology companies has been a political hot potato in recent years. Huge loans were offered to dozens of companies. Automakers, solar companies, biofuel concerns and more received money, but high-profile failures like Solyndra lent credence to those critical of the loan program's risks. Tesla Motors [NDSQ:TSLA] was the first to break this chain, paying back its Department of Energy loan years nine ahead of schedule. Now, biofuel company Sapphire Energy has done likewise, paying back its own $54.5 million loan with years to spare. Like Tesla's DoE loan, Sapphire's was granted back in 2009, through the U.S. Department of Agriculture. The business was promoted using an algae fuel-powered Toyota Prius nicknamed the 'Algaeus', with which they toured the country, spreading the biofuel message. The company's aim was to build a fully integrated algae-to-crude oil commercial demonstration facility in Columbus, NM. Not onl…
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