Remember the US Navy's Green Strike Force, billed as the fleet of the future, powered by biofuels? And remember how Republicans in Congress are upset about the costs of it all, even though a big part of the whole project is push the development of biofuels so that costs will fall?
Well, despite that Republican opposition, the Navy is going ahead with their biofuels plans, citing the importance of having a secure energy supply, domestically sourced.
Reuters reports that the Navy and Energy Department are spending $210 million (with the Navy supplying the majority of the funding) as matching funds to build three biofuels refineries. The total cost will be $420 million, with the end result being 30 million gallons of biofuels produced annually.
The first phase of the project, starting this fall, will comprise of $30 million of public funding, to be matched equally by private investment. The second phase will begin in 2013, with the initial awardees cut down to a final three companies, who will together receive $180 million in financing.