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California Governor Launches Cobalt Technologies Low Carbon Fuel PlantJanuary 12, 2010
PRNewswire - Cobalt Technologies, the leader in commercializing biobutanol as a renewable fuel and chemical, today formally launched its first facility. California Governor Arnold Schwarzenegger and Silicon Valley cleantech leaders were on hand, demonstrating the importance of clean technology to the state's future economic vitality.
"It is great companies like Cobalt that will help California meet our greenhouse gas reduction targets under AB 32 and our Low Carbon Fuel Standard," said Governor Schwarzenegger. "Cobalt shows us that what is good for the environment can also be good for the economy. In fact, within the next few years, Cobalt has plans to build an even larger plant that will create 1,300 permanent jobs. I want that plant and those jobs right here in California. That's why, in my State of the State address, I announced a Jobs Initiative that we estimate could create 100,000 jobs with one piece of this proposal exempting the purchase of green-tech manufacturing equipment from the sales tax. This proposal will help California attract and retain green businesses and create the jobs of the future. I want every CEO, entrepreneur and innovator to know that if you're investing in a cleaner future, California will invest in you."
Cobalt biobutanol is an ideal fuel for California and the world. Cobalt uses non-food feedstock, such as forest waste and mill residues, and its technology reduces greenhouse gas emissions by 85 percent compared to gasoline. A 12 percent blend of Cobalt biobutanol with gasoline, already permissible under US EPA guidelines, complies with the requirements of California's Low Carbon Fuel Standard.
Cobalt's form of biobutanol (n-butanol) is very versatile. It can be used as a standalone fuel; blended with gasoline, diesel and ethanol; converted into jet fuel or plastics, or sold as is for use in paints and coatings. Butanol packs more energy than ethanol and is less polluting. In addition, it is a drop-in fuel, and is fully compatible with today's automobile engines and pipeline infrastructure.
"Cobalt is leading the race to bring economic next generation biofuels to market," said Rick Wilson, Ph.D., Chief Executive Officer of Cobalt Biofuels. "Based on the technology breakthroughs we have achieved, and the successful operation of our plant, we are on track to build a commercial facility within two years, and we are currently building a network of strategic partners in the fuels, chemicals, forest products, and construction industry to deploy our technology at the next scale. The Governor's leadership in clean technology policy, like the proposed sales tax exemption for green manufacturing equipment will help accelerate commercialization and make California an attractive place to site a plant."
One commercial-scale Cobalt plant employs 1,300 permanent green collar jobs at the plant and surrounding area, and adds more than $250 million annually to the state's GDP, according to a market study commissioned by Cobalt.
Cobalt is backed by leading investors in the cleantech sector, including Pinnacle Ventures, Vantage Point Venture Partners, Burrill and Company, Malaysian Life Sciences Capital Fund, Life Science Partners (LSP), @Ventures, and Harris & Harris.
About Cobalt Technologies
Cobalt Technologies replaces petroleum and petrochemicals with a highly versatile, profitable and renewable alternative – biobutanol. The company's technology and engineering platform offers a continuous process to efficiently convert diverse non-food feedstocks – beginning with waste wood – into biobutanol, an ideal building block for a wide range of bio-based products, including fuels, chemicals and plastics. With the best production rates and margins in the market for cellulosic butanol, Cobalt provides a commercial solution with greater capital efficiency and improved production facility economics. Cobalt is based in Mountain View, CA.
For further information, please visit www.cobaltbiofuels.com.
SOURCE Cobalt Technologies