Advanced Biofuel Market Report 2011

Meeting the California LCFS

Authors

Mary Solecki, E2

David Richey, Goldman School of Public Policy

Bob Epstein, E2

111 Sutter Street, 20th Floor San Francisco, California 94014 www.e2.org

Revised report 22 August 2011.
Table of Contents

Introduction 3

The Advanced Biofuel Industry 4

Active Companies 4

2015 Fuel Capacity 5

Financing 6

Private Equity Investment 6

Public Funding 6

Market Factors for Industry Growth 7

Biofuel Feedstocks 7

Cellulosic Biomass

Low-Cost Sugars

Algae and CO2 Capture

Latin American Sugarcane

Funding 8

Revenue Generation through Biochemicals

Initial Public Offerings

Shift to Commercial Production 10

Regulatory Environment 10

Credit Trading Market

Off-Take Agreements

Price Stability

Willing Market Participation

Meeting the LCFS - Scenarios for California 12

Conclusions 13

Acknowledgements 14

Appendix A: US and Canadian Advanced Biofuel Producers 15

Appendix B: International Advanced Biofuel Producers 21

Appendix C: Related Businesses 22

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 2

Environmental Entrepreneurs (E2) is a non-partisan national community of 850 business people who believe in protecting the 

environment while building economic prosperity. Our mission is to provide a platform for an independent business voice to promote 

environmentally sustainable economic growth. E2 represents entrepreneurs, investors and professionals from every sector of the 

economy. We work at both the state and national levels through bipartisan efforts.
Introduction

Advanced biofuels are renewable transportation fuels that can 

replace traditional gasoline and diesel at a competitive price and 

with significantly lower greenhouse gas (GHG) emissions.1 This 

report collects data from a variety of public sources and private 

interviews for the purpose of summarizing current economic 

activities in the advanced biofuel industry. 

California enacted the Low Carbon Fuel Standard (LCFS) 

regulation in 2007 as part of the Global Warming Solutions Act of 

2006 (known as AB 32). The LCFS requires that, by 2020, 

blenders, refineries, importers and distributors of transportation 

fuels reduce the “carbon intensity” (CI) of the fuels they sell by ten 

percent below a 2006 gasoline and diesel baseline. While the 

LCFS will be achieved with a variety of alternative fuels including 

electricity and natural gas, this report examines the ability to meet 

the reduction target only through the use of advanced biofuels in 

gasoline and diesel vehicles.

California uses approximately 18 billion gallons of transportation 

fuel per year.2 E2's research shows that the vast majority of 

advanced biofuels are expected to possess just one quarter the 

CI of gasoline. For simplicity’s sake, this report assumes that 

reduced travel and improvements in fuel efficiency will keep 

demand constant at 18 billion gallons per year through 2020. 

Therefore a ten percent reduction in carbon intensity could be met 

with a combination of 15.6 billion gallons of traditional fuel plus 2.4 

billion gallons (gasoline equivalent) of advanced biofuels (assuming 

advanced biofuels’ CI is one quarter that of gasoline and that 

traditional fuels’ CI does not increase). To meet the earlier 2015 

milestone of a 2.5 percent reduction, 600 million gallons (gasoline 

equivalent) of advanced biofuels are needed - although the 2015 

target is more likely to be met with a combination of improved CI 

ethanol and advanced biofuels.

This report does not claim nor is it designed to prove that the 

private sector will produce 2.4 billion gallons (gasoline equivalent) 

of advanced biofuel for the California market. Rather it provides 

evidence that the combination of market forces and public policies 

has put the advanced biofuel technology and industry in the 

United States on a path where it should be able to produce a 

significant amount of low-carbon fuel in the next few years, 

thereby making it possible to deliver sufficient fuel to meet the 

California LCFS.

This report aggregates and analyzes the advanced biofuel 

industry’s estimates of annual fuel production per year through 

2015, as well as public and private investments in companies and 

production facilities. The report examines how different market 

factors and government policies influence investments, 

production, and distribution. Lastly, it describes various pathways 

through which fuel would be distributed into California to count 

towards the LCFS.

In summary, this report concludes that it is indeed possible to 

deliver enough advanced biofuel to meet the California LCFS. It 

finds that investment, not technology, is the biggest market barrier 

and that regulatory certainty is needed to ensure market stability. It 

also describes additional policies that California could pursue to 

improve the likelihood of meeting its LCFS goal.

E2 | Environmental Entrepreneurs

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1 US Environmental Protection Agency, “EPA Proposes New Regulations for the National Renewable Fuel Standard Program for 2010 and Beyond.” Web. 

Retrieved 15 July 2011 from <http://www.epa.gov/oms/renewablefuels/420f09023.htm#2>.

2 "Transportation Energy Statistics." California Energy Almanac. California Energy Commission. Web. 13 July 2011. 

<http://energyalmanac.ca.gov/transportation/summary.html>.
The Advanced Biofuel Industry

From start-ups to publicly traded companies, the advanced 

biofuel industry is experiencing significant activity and growth. 

Government regulations such as the Federal Renewable Fuel 

Standard (RFS2), the California LCFS, and the European Fuels 

Quality Directive,3 in conjunction with rising oil prices and 

technological advances have improved investment opportunities 

over the last five years.

Under the RFS2, advanced biofuel or low-carbon fuel is defined 

as any fuel with a CI that is at least 50 percent lower than 

gasoline’s.2 While researching this report, E2 found that if a fuel 

lowers GHG emissions by 50 percent (or 48 g CO2e/MJ) below 

the baseline of 96 g CO2e/MJ, it typically goes significantly farther 

and reaches a carbon intensity of 24 g CO2e/MJ or below.4 This 

equates to a 75 percent reduction over gasoline produced from 

crude oil. Companies that are choosing to pursue low-carbon fuel 

pathways have discovered significant reductions through cogeneration of renewable biomass not utilized for liquid fuel 

production, reusing or finding value-added commercial markets 

for byproducts, sourcing locally to reduce transportation impacts, 

and choosing non-food based feedstocks or byproducts residual 

to food production. Because of the significant CI reduction 

between these low-carbon fuel companies and their higher 

carbon counterparts, this report examines only the markets and 

industry forecasts for these low-carbon fuels estimated by E2 at 

75 percent lower than gasoline or diesel.

Active Companies

The advanced biofuel industry is a new, cleantech sector with 

many market entrants and players. As can be expected in an 

emerging industry, the number of advanced biofuel companies 

changes constantly. Consequently, very few, if any, comprehensive 

lists of active biofuel companies exist. The absence of such a 

database does not represent a lack of data or activity, merely the 

difficulty in tracking an ever-moving target. For this report, E2 has 

gathered information on currently active advanced biofuel 

companies. This snapshot of the current state of the industry 

gives us a baseline on which to gauge market projections and 

activity.

E2 identified 240 advanced biofuel companies in the United 

States and Canada. These companies are scattered across all 

stages of business development including venture capital backed 

start-ups, joint ventures and publicly traded companies. Some 

companies are only at the research and development stage, while 

many biodiesel facilities are already commercially producing fuel. 

Table 1 shows an overview of advanced biofuel producers and 

ancillary support businesses that provide feedstocks, 

infrastructure, distribution, catalytic processes, and more. These 

businesses are integral to providing the support and technology 

needed for advanced biofuels. Appendix A shows a complete 

listing of the active advanced biofuel companies, and Appendix C 

details supply chain affiliates identified by E2.

In the US and Canada alone, these companies are producing over 

400 million gallons of low-carbon fuels in 2011 (Table 1). Non-soy 

biodiesel comprises the majority of this production, at 

approximately 350 million gallons.5 Facilities producing biodiesel, 

the first advanced fuel in commercial production, have a 

significantly higher capacity and could produce as much as 2.1 

billion gallons.6 However, according to Shelby Neal of the National 

Biodiesel Board, total “biodiesel production will follow the RFS2 

mandates pretty closely,” demonstrating the impact of regulation 

on the industry’s available markets. The RFS2 calls for 800 million 

gallons of biomass-based diesel in 2011, of which LouisianaE2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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3 RFS2: http://www.epa.gov/otaq/fuels/renewablefuels/index.htm

 LCFS: http://www.arb.ca.gov/fuels/lcfs/lcfs.htm

 European Fuels Quality Directive: http://ec.europa.eu/environment/air/transport/fuel.htm

4 Carbon intensity values calculated by E2, based on publicly available information of each company’s targeted fuel pathway and CI values or proposed CI 

values from California Air Resources Board.

5 Wisner, Robert. Soybean Oil and Biodiesel Usage Projections and Balance Sheet, updated 18 Feb 2011. 
 
 
 
 


<http://www.extension.iastate.edu/agdm/crops/outlook/soybeanbalancesheet.pdf>. Values cited are for the ‘‘High’’ case.

6 Neal, Shelby, National Biodiesel Board. Email correspondence with Mary Solecki 21 June 2011.

Table 1: The 240 active advanced biofuel companies are already 

producing over 400 million gallons of low-carbon fuel in 2011.

Active Advanced Biofuel Companies

2011

 

Ethanol - Cellulosic 40 7.45

Biodiesel (Non-Soy) 160 350.00*

Diesel - Renewable 13 77.69

Gasoline - Renewable 7 0.13

Multiple Renewable 

(Gasoline, Diesel) 14 0.74

Other (Biobutanol, Biomethane, 

Syngas) 6 1.01

TOTAL 240 437.03

*Capacity much greater, at 2.1 billion gallons 

Supply Chain Companies

Feedstock Producers 31

Enzymes/Chemicals 17

Related Tech 20

Fuel Type Companies Million Gal
based Dynamic Fuel’s renewable diesel is expected to provide 75 

million gallons (MG), soy biodiesel 375 MG, and non-soy biodiesel 

350 MG. 

In contrast to the EPA’s production numbers, E2 has counted 

production from pilot and demonstration facilities even though it is 

not actively traded in the fuel mix, and thus not tracked by EPA. 

Also, E2 has counted production from US-based Amyris for its 

Brazilian ethanol plant, as well as AE Biofuel’s Keyes plant which 

is ahead of the EPA’s latest production timeline. Beyond that, all 

other fuels are consistent with the production numbers available 

from the EPA for 2011 and 2012 (complete list in Appendix A). 7

Abroad, at least 25 additional advanced biofuel companies have 

the potential to export to the US domestic market (Table 2). They 

are currently producing 791 million gallons of advanced fuel. Two 

of the largest companies, Neste Oil and Argent Energy, have 

registered facilities under the RFS2. This report identifies these 

foreign companies based upon significant levels of investment, 

development, and proximity to waterways or other distribution 

infrastructure. Detail of these companies may be found in 

Appendix B.

2015 Fuel Capacity

To evaluate the market’s capacity to meet the LCFS mandate by 

2020, E2 used company-supplied forecast numbers for 2015 

production. E2 discounted some production numbers, excluding 

producers that seemed unlikely to meet their targets. Information 

such as the company’s funding status, planned construction, and 

annual fuel production targets were considered. 

Given these considerations, the advanced biofuel industry is selfreporting capacity to produce nearly 3.2 billion gallons of lowcarbon fuel in the United States by 2015. This is summarized 

in Table 3, and detailed in Appendix A. Adding international company projections brings the total to 4.4 billion gallons of fuel which 

could be used in California. As previously mentioned, 600 million 

gallons of fuel are needed to meet the LCFS in 2015 exclusively 

through advanced biofuels.

Of note is the increasing market share of renewable drop-in fuels 8

over time. Given their lower CI value, ease of integration into the 

existing infrastructure, and high energy content over ethanol, 

these fuels are of increasing interest to the fuel market and its 

investors. The total renewable drop-in fuel production (renewable 

diesel, renewable gasoline and multi-fuel renewable) will eclipse 

that of both biodiesel and cellulosic ethanol by 2015 at 1.5 billion 

gallons.

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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7 United States Environmental Protection Agency. “Regulations of Fuels and Fuel Additives: 2012 Renewable Fuel Standards.” Vol 76, No. 127. Web. 

Retrieved 19 July 2011. <http://www.gpo.gov/fdsys/pkg/FR-2011-07-01/pdf/2011-16018.pdf >

8 Drop-in fuels may be processed through existing distribution infrastructure and combustion engines.

International Advanced Biofuel Companies 

Possible California Imports

Ethanol - Cellulosic 10 5.87 75.32

Biodiesel (Non-Soy) 1 13.20 13.20

Diesel - Renewable 7 0.40 3.39

Gasoline - Renewable 0 0.00 0.00

Multiple Renewable 

(Gasoline, Diesel) 3 772.00 1,104.00

Other (Biobutanol, 

Biomethane, Syngas) 4 0.01 20.01

TOTAL 25 791.48 1,215.92

Table 3: MGPY = Millions of Gallons Per Year. 

The biofuel market reports increased production of all 

advanced biofuels in the next four years.

Table 2: MGPY = Millions of Gallons Per Year.

International companies likely to export fuel to California are 

forecasting 1.2 billion gallons of fuel production in 2015, 

1.1 billion of which is renewable drop-in fuels. 

Companies MGPY MGPY

Fuel Type # 2011 2015

Industry Production Estimates (MGPY)

Ethanol - Cellulosic 7.45 539.14

Biodiesel (Non-Soy) 350.00 575.00*

Diesel - Renewable 77.69 525.84

Gasoline - Renewable 0.13 157.83

Multiple Renewable 

(Gasoline, Diesel) 0.74 875.68

Other (Biobutanol, 

Biomethane, Syngas) 1.01 510.98

TOTAL 437.03 3,184.47

*Estimate based on RFS2 incremental increases

Fuel Type 2011 2015
Financing 

Significant investment has already been 

required to reach the current production 

of 400 million gallons. This investment 

trend must continue for the industry to 

expand commercial facilities. Investors 

and companies commonly refer to 

policies such as the LCFS and the 

federal RFS2 as factors that are 

increasingly pushing companies toward 

producing advanced biofuels with low 

CI values. Advanced biofuel companies 

access both private equity and public 

funding for financial support.

Private Equity Investment

The Cleantech Group forecasts the market of low-carbon fuels at 

$33.4 billion by 2020. This is nearly double the future market of 

energy efficiency ($17.3 billion), and significantly higher than 

renewable electricity ($20 billion).9 To seize this opportunity, 

venture capitalists have invested at least $3.1 billion worldwide, or 

$2.4 billion in active North American companies from 2007 

through the second quarter of 2011 and according to publicly 

available data (Appendix B). Figure 1 shows a quarterly overview 

of these investments.

Public Funding

Both the U.S. Department of Energy (DOE) and U.S. Department 

of Agriculture (USDA) have developed grants and loan guarantee 

programs, through which funding is lent to start-up companies 

and ventures. USDA has at least three active loan guarantees or 

grants, and the DOE at least eighteen. The state of California also 

operates a renewable energy grant program, authorized by 

Assembly Bill 118 (AB 118). 10 The AB 118 program dedicates 

approximately $200 million annually to fund clean transportation 

projects through 2015. The California Energy Commission 

oversees up to $120 million of these grants, and has awarded 

funding to four California biofuel producers along with two 

additional supportive technology providers as of 2010. The 

American Recovery and Reinvestment Act (ARRA) provided an 

additional infusion of cash by matching funding of several AB 118 

grantees.11

Grant, loans and funding sources are listed in Table 4. This data 

was compiled from company statements only, so it does not claim 

to be exhaustive.

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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9 Cheng, David, “California in Perspective: An Overview of State Energy Policies.” Cleantech Group, 2010.

10 http://www.energy.ca.gov/ab118/index.html

11 "Alternative and Renewable Fuel & Vehicle Technology Program." California Energy Commission Home Page. State of California. Web. 07 July 2011. 

<http://www.energy.ca.gov/altfuels/index.html>.

Public Funding by Company

AE Biofuels $1.88 CA AB118 & ARRA

Algenol $25 FL DOE

Amyris $24.3 CA DOE

Bio Architecture Lab 

& DuPont

$18 CA 

DE

DOE

BlueFire Ethanol $88 MS DOE

Clear Fuels & 

Rentech

$22.6 CA DOE

Cobalt Technology $18 CA DOE

Community Fuels $2 CA AB118

Coskata $250 AL USDA

Diamond Green 

(Valero & Darling)

$241 LA DOE

Enerkem $80 MS USDA

Fulcrum Bioenergy $80 NV DOE

General Atomics $2 CA DOE

INEOS Bio & New 

Planet

$125 FL DOE & USDA

Logos & EdeniQ $20.5 CA DOE

LS9 $9 CA DOE

Mendota Advanced 

Bioenergy

$3 CA AB118 & ARRA

OPX $6 CO DOE

POET $105 IA DOE

Sapphire Energy $104.5 NM DOE

Solazyme $42.4 CA DOE, AB118 & 

ARRA

SunPower Biodiesel $0.8 WI ARRA

Virent $16.25 WI DOE

ZeaChem $25 OR DOE

Company Millions State Program

Table 4: Government grants & loans compiled from press statements.

Figure 1: Venture capital investments in advanced biofuels by quarter; detailed in Appendix B.

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North American Advanced Biofuel Private Equity Investment 
Market Factors for Industry Growth

To determine how advanced biofuels can meet the California 

LCFS demand, E2 interviewed biofuel industry stakeholders 

ranging from venture capitalists and land-use experts to 

environmentalists and biofuel producers. While some perspectives 

on the current and future state of the biofuel industry differed, a 

number of commonalities emerged.

This report will discuss the key findings from these interviews 

according to four critical areas: feedstocks, funding, shift to 

commercial production, and regulatory landscape.

Venture capitalist Vinod Khosla best summarized many 

stakeholders concerns: "Technology is the not issue, it already 

exists - our concern is market commitment and feedstock."12 The 

industry desires market commitment since it would yield financing. 

Hence the need for the State of California to pursue a robust 

LCFS program. 

Biofuel Feedstocks

Advanced biofuel companies are moving forward with production 

based on conversion processes that enable use of multiple 

feedstock materials found in a wide variety of biomass sources, 

including fast-growing trees, grasses, municipal solid waste 

(MSW), algae and logging residue. The availability and cost of 

these feedstocks will also dictate the location of commercial 

facilities and the ability to scale. Among available feedstocks, 

cellulosic biomass represents significant commercial potential as a 

long-term feedstock source.13

With so many promising fuel pathways and companies, it is clear 

that the LCFS will not be met by a single fuel type, technology or 

feedstock, but through a combination thereof. Each feedstock 

category has numerous companies vested in the successful 

development and production of this critical input. Feedstocks 

being pursued by active advanced biofuel companies that could 

enter the California market include:

Cellulosic Biomass

Cellulosic biomass, including corn stover, woody 

biomass and waste is available in both tropical and 

temperate climates, has high yields, and does not 

compete with food.14 For example, cellulosic biomass 

residue from agricultural and forest activities and microalgal oil would be low-cost and result in minimal 

competition for land.15 In the United States and 

California, woody biomass 

feedstock is seen as a viable 

option for volume production 

based on availability, cost, and 

yields. However, some in the 

environmental community have 

raised the concern that 

expanding the use of cellulosebased biomass, particularly 

woody biomass, could exert 

pressure on existing forest 

ecosystems and range land.16

The most promising regions for 

woody biomass are likely to be 

private forest lands developed 

for the pulp and paper industry.

High-density biomass crops are being actively pursued 

by a number of companies, including CERES, Mendel, 

Chromatin and Yulex.

Low-Cost Sugars

Many companies are “feedstock agnostic,” only seeking 

low-cost, abundant sources of sugar. Since there may 

not be sufficient California-grown sugars, in-state 

facilities may be smaller, and will be co-located with any 

available feedstocks. Outside of California, the 

Southeastern United States will likely be a choice 

location for many facilities, with its abundant arable land 

and favorable climate. 

For example, Virent currently operates a demonstration 

facility in Madison, Wisconsin using sugar beets from 

Cargill. Virent is testing and proving fuels with a variety of 

sugar sources, and could therefore change its ultimate 

commercial-scale feedstock and location based on price 

and availability.17

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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12 Khosla, Vinod. Principal, Khosla Ventures. Interview by Bob Epstein and David Richey, Environmental Entrepreneurs. 26 May 2011. Palo Alto.

13 Timilsina, Govinda R., and Ashish Shrestha. “How much hope should we have for biofuels?” Energy (2010).

14 McGee, Chandra, and Amy B. Chan Hilton. “Analysis of Federal and State Policies and Environmental Issues for Bioethanol Production Facilities.” 

Environmental Science & Technology (2011).

15 Carriquiry, Miguel, Xiaodong Du, and Govinda R. Timilsina. “Second generation biofuels: Economics and policies.” Energy Policy (May 2011).

16 Strittholt, James R and Tutak, Jocelyn “Assessing the Impact of Ecological and Administrative Considerations on Forest and Shrubland Biomass 

Projections for California.” Conservation Biology Institute. Web, 10 July 2011 
 
 
 
 
 
 
 


<http://consbio.org/assessing-the-impact-of-ecological-considerations-on-forest-and-shrubland-biomass-projections-for-california/>.

17 Rozmiarek, Robert and Blanchard, Mary. Virent Energy Systems. Phone Interview with Mary Solecki, 26 July 2011.
Algae and CO2 Capture

Algae and CO2 capture, among other areas of 

exploration, are potential sources of future fuels as 

active, well-funded companies are looking at scaling up 

technologies. An example of such a company is Joule 

Unlimited, which produces diesel through solar 

conversion of CO2 capture. Joule has a target 

productivity rate of 15,000 gallons of diesel per acre, per 

year. (E2’s 2015 projection of advanced biofuel 

production does not include any fuel from Joule, but the 

company could be a market entrant near that date.) 

Algal biomass has a dedicated set of stakeholders 

investing in the development of algae as a feedstock. 

Companies like Sapphire and Kuehnle Agrosystems are 

focused on the economic and environmental gains from 

the commercial production of algae. Additionally, DARPA 

(Defense Advanced Research Project Agency) and the 

DOE have dedicated significant funding to the 

development of algae feedstocks through loan 

guarantees and research grants.

Latin American Sugarcane

Biofuels like sugarcane ethanol remain an option for the 

California market while the advanced biofuel industry is 

approaching commercial-scale production. As an 

average of 380 MGPY (Million Gallons Per Year) of 

sugarcane ethanol has already 

been imported from Brazil over 

the past five years to meet the 

RFS2, it is likely that Latin 

America will keep providing 

some portion of biofuel for the 

California market. If the RFS2 

establishes an increased U.S. 

demand for 484-496 million 

gallons of other advanced 

biofuel in 2012, it could be 

economical for Brazilian 

producers to export higher 

volumes of sugarcane ethanol 

to the United States. The LCFS 

may also result in some refiners 

importing additional volumes of 

sugarcane ethanol from Brazil 

into California in 2012. These 

same volumes could count towards the RFS2 program 

as well.18 Recently, federal legislation was introduced to 

lift the tariff on the import of South American ethanol, 

further increasing the ease of importing this fuel into the 

California market.

Funding

The advanced biofuel industry has received significant venture 

capital funding, as evidenced by the $2.4 billion of venture capital 

invested since 2007 mentioned earlier. This funding carries 

companies through research, development, and building pilot or 

demonstration facilities. However, to reach the next level of 

growth, companies need greater infusions of cash to build 

commercial-scale facilities. Most of that cash is expected to come 

from debt financing, which is typically difficult to obtain for the first 

few facilities due to the operational risk. Once those first few 

facilities are online, debt financing becomes much more feasible.

Revenue Generation through Biochemicals

To provide higher margin products with shorter paths to revenue, 

advanced biofuel companies are producing biochemicals and 

other high-value products in the short-term, allowing 

demonstration of functional product pathways and revenue 

growth. Companies such as Amyris and Solazyme are producing 

bio-oils as a biochemical replacement for the petroleum-based 

specialty chemical market.19 This model of diversification provides 

the industry with multiple markets allowing companies to continue 

the development and scale-up of cost-efficient production.

As Jim Lane, editor of Biofuels Digest, stated in an interview with 

Cobalt Chief Executive Officer Rick Wilson:

“If fuels incentives are just too tough for the country to 

afford, why not construct a mechanism by which 

advanced biorefineries can at least get a hand-up in 

getting into business as bio-based chemicals producers.

That can in itself create the proof positive of performance 

that may well crack open the project finance market, and 

create the very expansion of fuel-producing capacity that 

the Renewable Fuel Standard expects and that the US, 

among many countries, both needs and can benefit 

from.”20

This market bifurcation means that as more low-carbon fuels 

come to market, petroleum replacements will spread across all 

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18 Environmental Protection Agency, “Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel Standards.” Web, 10 July 2011.

 <http://www.epa.gov/otaq/fuels/renewablefuels/regulations.htm>.

19 "Form S-1 Amyris Biotechnologies, Inc." U.S. Securities and Exchange Commission (Home Page). 16 April 2010. Web. 16 June 2011. 

<http://www.sec.gov/Archives/edgar/data/1365916/000119312510085595/ds1.htm>.

20 "Why Make a $2 Fuel When You Can Make a $5 Chemical." Interview by Jim Lane. Biofuels Digest. 16 March 2011. Web. 08 July 2011. 

<http://biofuelsdigest.com/bdigest/2011/03/16/why-make-a-2-fuel-when-you-can-make-a-5-chemical-cobalt-ceo-rick-wilson/>.

potential product categories, not just fuels.
Initial Public Offerings

Recently, four companies have gone public to raise cash needed 

to fund expansion plans. Renewable Energy Group has also 

recently announced an impending IPO. The successful recent 

IPOs have included:

• Amyris (California) - Raised $84.8 million in its IPO priced 

at $16 per share in September 2010.21

• Gevo (Colorado) - IPO raised $123.3 million, with the 

company selling 8.223 million shares at $15 per share in 

March 2011.22

• Solazyme (California) – May 2011 IPO priced at $18 a 

share netted $198 million.23

• KiOR (Texas) – June 2011, IPO raised $150 million selling 

10 million shares at $15 per share.24

Looking at Solazyme, KiOR, Gevo and Amyris, clear 

commonalities emerge with respect to factors perceived as critical 

to achieving commercial market success:

• Solazyme is currently pursuing commercial scale-up in 

the fuels, chemicals and nutrition markets through 

partnerships whereby partner companies will invest 

capital and operational resources in building 

manufacturing capacity. The company has completed 

engineering designs for large commercial plants to 

service the fuels and chemical markets. The company’s 

current Brazilian operations, California pilot plant, and 

Illinois demonstration fermentation facility will be 

augmented by a commercial facility in 2013 and 

additional commercial capacity in 2014 and 2015.25

• KiOR began construction of its initial-scale commercial 

production facility in Columbus, Mississippi in the first 

quarter of 2011. This is financed in part with a 

combination of existing cash on hand, equity 

commitments from existing investors and a $75 million 

interest-free loan from the Mississippi Development 

Authority. Critical to scaling success, all planned plants 

are located near feedstock sources, transportation 

infrastructure and pipelines.26

• Amyris currently operates a research and development 

laboratory in California and pilot facilities in Brazil. The 

company is expanding its production through a joint 

venture with the world’s largest sugarcane processing 

facility. Amyris has also established non-binding letters of 

intent with three leading Brazilian sugar and ethanol 

producers to build new, bolt-on facilities for production.27

• Gevo's technology platform is based on modifying 

existing corn ethanol facilities to produce advanced 

biofuel. The company has demonstrated its production 

process via the retrofit of an ethanol facility in Missouri, 

and has acquired its first commercial facility in Luverne, 

Minnesota through direct acquisitions and joint ventures 

to produce more than 350 million gallons of advanced 

biofuel by 2015.28

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21 Lane, Jim. "Amyris Raises $84.8M in IPO, Prices at $16, Well below Expected Range." Biofuels Digest. 28 Sept. 2010. Web. 22 June 2011. 

<http://biofuelsdigest.com/bdigest/2010/09/28/amyris-raises-84-8m-in-ipo-prices-at-16-well-below-expected-range/>.

22 Lane, Jim. "Gevo Raises $123.3 Million in IPO after Underwriters Oversubscribe." Biofuels Digest. 16 Mar. 2011. Web. 22 June 2011. 

<http://biofuelsdigest.com/bdigest/2011/03/16/gevo-raises-123-3-million-in-ipo-after-underwriters-oversubscribe/>.

23 Lane, Jim. "Solazyme IPO Nets up to $227M." Biofuels Digest. 27 May 2011. Web. 22 June 2011. 

<http://biofuelsdigest.com/bdigest/2011/05/27/solazyme-ipo-nets-up-to-227m/>.

24 Lane, Jim. "KiOR raises $150M in IPO, 30 percent below latest forecast." Biofuels Digest. 24 June 2011. Web. 27 June 2011.

<http://biofuelsdigest.com/bdigest/2011/06/24/kior-raises-150m-in-ipo-30-percent-below-latest-forecast/>.

25 "Form S-1 Solazyme, Inc." U.S. Securities and Exchange Commission (Home Page). 11 Mar. 2011. Web. 16 June 2011. 

<http://www.sec.gov/Archives/edgar/data/1311230/000119312511064209/ds1.htm>.

26 "Form S-1 KiOR, Inc." U.S. Securities and Exchange Commission (Home Page). 11 Apr. 2011. Web. 16 June 2011. 

<http://www.sec.gov/Archives/edgar/data/1418862/000095012311034676/h80686sv1.htm>.

27 "Form S-1 Amyris Biotechnologies, Inc." U.S. Securities and Exchange Commission (Home Page). 16 Apr. 2010. Web. 16 June 2011. 

<http://www.sec.gov/Archives/edgar/data/1365916/000119312510085595/ds1.htm>.

28 "Form S-1 Gevo, Inc." U.S. Securities and Exchange Commission (Home Page). 12 Aug. 2010. Web. 16 June 2011. 

<http://www.sec.gov/Archives/edgar/data/1392380/000119312510187275/ds1.htm>.
Shift to Commercial Production

Each advanced biofuel company’s initial public offering lays out a 

plan to scale production capacity. While few advanced biofuel 

companies currently operate large-scale facilities, the industry is 

shifting towards commercial scale production through these IPOs 

and other funding sources, with numerous companies expecting 

to complete facilities by 2015. According to E2’s research, 29 

advanced biofuel companies expect, by 2015, to complete 

commercial production facilities - each with a capacity in excess 

of ten million gallons per year, in addition to the 160 non-soy 

biodiesel facilities already in existence. 

While construction of commercial production facilities does 

represent a significant cost, the marginal cost of production and 

capital costs are expected to decrease as the industry advances. 

Capital for commercial scale production facilities is becoming 

increasingly available as demonstrated by both public and private 

financial activity. As seen in the business plans of the publicly 

traded companies, costs are expected to be driven down by 

construction of facilities that can be readily replicated and colocated with sufficient and long-term sources of feedstocks. 

Additionally savings can be achieved with facilities that can be 

scaled and retrofitted from existing plants through bolt-on 

applications or simple modifications. Using woody biomass as a 

feedstock, KiOR stated in its S-1 filing an expectation of an 

unsubsidized production cost at below $1.80 per gallon of biofuel 

for its wood chips-to-biocrude technology.29

Despite being home to numerous advanced biofuel companies’ 

headquarters, California faces some challenges as a center of 

commercial production. This is due to regulatory structure and 

feedstock limitations. As highlighted by a number of stakeholders, 

California's regulations and often lengthy approval process 

disincentivize companies from placing commercial production 

facilities within the state. Also the viability of commercial 

production facilities is dependent on long-term supplies of 

feedstock. While cellulosic biomass is readily available in 

California, the land where it can be sourced is primarily agricultural 

or public land, thereby increasing the challenge to providing longterm feedstock supplies. 30 Despite these hurdles, commercial 

production in California has potential due to the strong market 

demand for advanced biofuels and the consequent job creation 

potential. It may also benefit from strategies such as co-locating at 

paper and pulp facilities, streamlining regulations and approval 

processes, and clarifying municipal solid waste policy. 31

To address the challenge of feedstock availability, California could 

consider a model similar to the USDA's Biomass Crop Assistance 

Program (BCAP).32

BCAP is a program which bridges the gap between growing biomass crops and constructing a large-scale biofuel facility. To help 

ease the time lapse while these two are simultaneously being established, BCAP assists with start-up costs and guarantees crop 

purchase. This program complements the requirements of the 

RFS2 by stimulating the development of new energy crops.

Regulatory Environment

Since fuel is a highly regulated market, government’s role in 

spurring market development will help eliminate advanced 

biofuels’ barriers to entry. Among industry stakeholders 

interviewed for this report, there is significant consensus that state 

and federal governments must help provide market certainty 

through the strong enforcement of regulations. Vantage Point 

partner Thomas Huot asserts "California can meet the 10% 

reduction with current market practices, but the state needs to 

recommit to driving the biofuel industry by keeping the goal and 

mandate robust."33 Many industry stakeholders, especially 

producers, voiced concerns about the risk of ARB (California Air 

Resources Board) changing or lowering compliance targets, or 

granting waivers to non-compliant parties. This would weaken the 

overall effect of the LCFS by not giving investors the market signal 

needed to fund low-carbon fuel projects. As explained by the 

venture capital community, California can meet the LCFS 

reduction target with current market technologies and products, 

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Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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29 Form S-1 KiOR, Inc." U.S. Securities and Exchange Commission (Home Page). 11 Apr. 2011. Web. 16 June 2011. 

<http://www.sec.gov/ Archives/edgar/data/1418862/000095012311034676/h80686sv1.htm>.

30 White, Eric M. Woody Biomass for Bioenergy and Biofuels in the United States— A Briefing Paper. U.S. Department of Agriculture, Forest Service, Pacific 

Northwest Research Station., 2010. http://www.fsl.orst.edu/lulcd/Publicationsalpha_files/White_pnw_gtr825.pdf.

31 “E2 Biofuel Roundtable." Interview by Mary Solecki. Environmental Entrepreneurs 26 Jan. 2011. New York.

32 http://www.fsa.usda.gov/FSA/webapp?area=home&subject=ener&topic=bcap

33 Huot, Thomas. Parter, Vantage Point Venture Capital. Interview by Bob Epstein and David Richey, Environmental Entrepreneurs. 7 June 2011.
but government must ensure a strong mandate and a clear value 

for reduced CI.34 Decreased regulatory certainty at the state-level 

results in companies not committing to the market. Conversely, 

providing long-term market commitment is likely to give 

companies the incentive to expand production to include both 

higher-margin biochemicals and biofuels.

To incite such a commitment, E2’s interviews uncovered a number 

of recurring approaches: a credit trading market under the LCFS, 

off-take agreements in California, and price stability created 

through regulatory stability, all leading to willing market 

participation.

Credit Trading Market

Creating a transparent market under the California LCFS 

is predicated on a credit trading market. Matt Horton, 

CEO of Propel Fuels states that the industry “need[s] 

more certainty from ARB about what the compliance 

mechanism and trading scheme will be, in order to give 

a backbone to the credit market.”35 Investors and 

advanced biofuel producers must have an early price 

signal on the value of low-carbon fuels to guide 

investments and scale-up production. Such a price 

would attract “willing market participants” to enter the 

market in advance of the “obligated parties” (see below).

To create a market, it is essential that agencies – such as 

the California Air Resources Board (ARB) – utilize a 

mechanism that establishes a transparent carbon price, 

allows fuel providers to buy and sell credits in an open 

market, and allows for strong oversight by the regulatory 

entity. One mechanism that can achieve these goals is a 

formal trading exchange for LCFS credits. In contrast, an 

unregulated ‘hands-off’ approach to the market would 

require that oil companies and alternative fuel providers 

contact each other directly, which would result in many 

market inefficiencies.36

A credit trading mechanism must also provide a financial 

incentive to those regulated parties that over-comply, 

and a cost control mechanism for regulated parties 

struggling to meet the standard. For example, at Propel 

Fuels, an alternative fuel distributor, low-carbon E85 

cannot yield a higher price than a higher-carbon 

equivalent. If the value of the credits were equal or higher 

than the extra cost of low-carbon ethanol, companies 

would have an incentive to switch.

Off-Take Agreements

Hawaii serves as a worthwhile case study in market 

creation through off-take agreements. In order to meet 

strong state mandates for renewable electricity (40 

percent by 2030), Hawaiian Electric (HECO) issued a 

request for proposals (RFP) to supply up to 200 million 

gallons of sustainably produced, renewable biofuel per 

year to fuel power generation stations starting as early as 

July 2014. This resulted in ten proposals to create new, 

locally sourced biofuels (Hawaii produces nearly all of its 

electricity from liquid petroleum derivatives). HECO and 

the Hawaiian Public Utilities Commission are currently 

vetting proposals. Once approved, entrepreneurs can 

use this market guarantee to secure project financing, 

and to access needed resources to scale-up biofuel 

production.37

As a small island chain, Hawaii wants to reduce risk 

factors of its energy supply by producing fuels locally. As 

a result, all proposals have been tied to a landowner, 

assuring access to needed land. Stimulated by strong 

state policy, HECO is serving as a market creator with its 

unique off-take agreements, and therefore develops 

milestones for each project to ensure success. These 

milestones include proof of financing, start-up 

instruction, test quantities, land access, lifecycle 

assessments, and more. Similar off-take agreements 

could be implemented by California state agencies to 

spur additional market activity.

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Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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34 “E2 Biofuel Roundtable." Interview by Mary Solecki. Environmental Entrepreneurs 26 Jan. 2011. New York.

35 Horton, Matt. Propel Fuels CEO. Telephone interview by Bob Epstein and David Richey. 14 July 2011.

36 Garderet, Remy. “Comments on the design of the LCFS credit market.” Letter to Mary Nichols, 8 October 2009.

37 Barnes, Cecily, Program Manager of Hawaiian Electric. Interview by Mary Solecki. 8 June 2011.
Price Stability

Price stability can be achieved in part through regulatory 

stability. ARB or the regulating entity must send clear 

signals to regulated parties that targets will not be 

postponed or reduced. As ARB’s intentions to enforce 

the LCFS and non-compliance penalties remains 

steadfast, the value of biofuels will become dependable 

and worthy of additional investments.

Willing Market Participation

The advancement of policies to incentivize LCFS market 

participation will help ensure sufficient biofuel supplies to 

California. As highlighted by stakeholders, the state 

should develop a framework that enables “willing 

participants” to join the LCFS market rather than relying 

solely on “obligated parties” who participate only 

because of regulatory requirement. Both a credit trading 

market and off-take agreements would provide such 

willing participation. Today the LCFS mandates major 

fuel blenders, refineries, importers and distributors to 

reduce their CI. This current structure will result in a 

natural tendency to invest last and least given insufficient 

incentives and the higher risk to being early to the 

market. By contrast, a framework where third parties can 

identify early market opportunities and invest in the 

distribution of low-carbon fuels will incentivize them to 

join the market. As previously stated, a seller of E85 

cannot charge extra for using a low CI ethanol. If instead, 

they can accumulate credits whose value is greater than 

the additional cost of using low carbon ethanol, they 

would have a natural business incentive to enter into 

agreements with advanced biofuel producers. 

Meeting the LCFS - Scenarios for 

California

Today the advanced biofuel industry is actively pursuing the 

development and commercialization of a wide variety of possible 

advanced biofuels accessible to the California market. If only ten 

percent of the 2015 potential market capacity of 3.2 billion gallons 

of advanced biofuel this report found was delivered to California, it 

could more than meet the market requirement of fuels to satisfy 

the CI reduction target, when combined with other technologies 

such as natural gas and electrification. 

As California approaches the 2020 deadline, numerous pathways 

exist to meet the LCFS. It will not be met by a single fuel type, 

technology or feedstock, but through a combination. Pathways 

available could include the following: 

• A large portion of the demand is likely to be met by 

existing biofuel facilities with a reduced CI over 

gasoline’s, although greater than advanced biofuels’. 

• In the short-term, it can be expected that fuels such as 

grain-based ethanol and biodiesel could fill the LCFS 

market demand while advanced biofuel producers are 

shifting to full commercial production in the second half 

of the decade. 

• Based on the market potential identified in this report, 

advanced “drop-in” biofuels could meet the majority of 

the LCFS mandate in the long-term.

• With biofuel production dependent on proximity to longterm sources of biomass, available advanced biofuels 

are likely to be produced outside of California.

• Sugarcane ethanol also remains an option for the 

California market while the advanced biofuel industry is 

still approaching commercial-scale production. 

• As sugarcane ethanol is already produced at scale in 

countries such as Brazil, it is likely that Latin America 

could provide some portion of biofuel for the California 

market. 

• While biofuels can be transported through standard 

shipping channels, infrastructure to off-load, store, and 

transport fuel will have to be repurposed or expanded. 

Advanced biofuels produced outside of the state will 

similarly require infrastructure for transport, storage, and 

distribution. 

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Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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Conclusions

The report documents extensive economic activity surrounding 

advanced biofuels. This activity is illustrated by the significant 

venture capital investments over the last four years, the successful 

IPOs of four advanced biofuel producers, the transition from 

development to production of advanced biofuels represented by 

as many as 29 companies with new production facilities by 2015, 

and the number of total projects already underway.

This report leads to the following conclusions:

1. Shift from technology to production risk – The 

companies in this market have generally demonstrated 

that they have the technology needed to produce lowcarbon fuels at volume. The market risks are 

concentrated on financing and scaling up production 

facilities and the availability of affordable biomass 

feedstocks.

2. Bifurcation between high-value oils and fuels – 

Companies such as Amyris and Solazyme have business 

models that benefit from short-term revenues producing 

high-value biochemicals and bio-oils while companies 

like Gevo and KiOR focus on transportation fuels. This 

market bifurcation means that even as more advanced 

biofuel companies come to market, resources will be 

spread replacing a variety of petroleum and oil products 

– not just fuels.

3. Scaling will depend on availability of biomass – 

Production facilities need to be co-located with sufficient, 

long-term sources of biomass. We will see smaller 

facilities located near sources of waste material that can 

be converted. Much of the industry is currently oriented 

towards woody biomass that can be sustainably 

harvested from private forests, and eventually derived 

from tree plantations. 

4. Fuels are likely to be produced outside of 

California – As mentioned in (3), fuel production needs 

to be close to the source of biomass. Consequently, E2 

expects most of the US fuel to be produced outside 

California given the low availability of local feedstock. 

Thus California needs to be an attractive market where 

the additional cost of transporting fuel is overcome by 

the economic value of a low CI.

5. Drop-in fuels will be the main source of low-carbon 

biofuels – Drop-in fuels are those that can operate in 

the same pipelines and facilities as petroleum-based 

fuels, e.g. renewable diesel and renewable gasoline. The 

2015 production projections from companies show that 

the majority of volume will come from these fuels rather 

than ‘specialty’ fuels such as ethanol and biodiesel that 

require separate infrastructure. Thus while ethanol and 

biodiesel will fill the short-term demand, the second half 

of the decade will be dominated by advanced drop-in 

biofuels.

6. Need to enable “willing participants” and not 

depend completely on “obligated parties” – The 

LCFS defines major fuel blenders, refineries, importers 

and distributors as obligated to reduce their CI. However, 

they will naturally invest last, not first because there is 

higher risk in being early to market. By contrast, third 

parties can identify early market opportunities and invest 

in the distribution of low-carbon fuels. These “willing 

participants” need a mixture of market opportunities (see 

7) and/or opportunities to accumulate credits (see 8) that 

they can sell at a later date.

7. Off-take agreements can accelerate the early 

market – As demonstrated in Hawaii by the HECO offtake agreements, firm contracts to purchase low-carbon 

fuel will draw business to the market. California 

government purchases should be considered as a way 

to start the early market.

8. A transparent credit trading market is essential to 

developing biofuels – A credit market creates a clear 

economic value for the reduced CI of a fuel. The credit 

market has been an important part of the development 

of RFS2, and the absence of the market is a barrier to 

developing the LCFS.

9. The LCFS and RFS2 are stimulating investor 

interest – Investments in advanced biofuels are heavily 

influenced by the economic value of low CI and by the 

demands for fuels to compete with, and displace, 

petroleum fuels that arise from the LCFS and RFS2. Any 

signals of weakening the programs would have a 

material effect on the industry.

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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Acknowledgements

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 14

In addition to the dozens of advanced biofuel companies who provided data on their businesses and perspectives, 

the report authors would like to acknowledge the following friends and colleagues for their time & contributions:

Dan Adler, California Clean Energy Fund

Judith Albert, E2 Staff

Eric Bowen, Renewable Energy Group

Dallas Burkholder, US Environmental Protection Agency

David Cheng, Cleantech Group

Sabrina Eshaghi, E2 Intern

Remy Garderet, Energy Independence Now

Nathanael Greene, NRDC

Jamie Hall, CalStart

Debbie Hammel, NRDC

Jamie Knapp, J Knapp Communications

Jim Lane, Biofuels Digest

Neil Lawrence, NRDC

Kevin Levy, E2 Staff

Christine Luong, E2 Staff

Simon Mui, NRDC

Shelby Neal, National Biodiesel Board

Paul Zorner, Entrepreneur

The authors would also like to thank the following for affording us an interview:

Cecily Barnes, HECO

Linda Beltz, Weyerhaeuser

Thomas Huot, Vantage Point Venture Partners

Matt Horton, Propel Fuels 

Vinod Khosla, Khosla Ventures

 David Mann, Khosla Ventures

John Pierce, Wilson Sonsini

Brook Porter, Kleiner Perkins

Rick Weyen, Tesoro

Report revisions 22 August 2011:

-Added Q2 2011 data to investment information

-Corrected investment chart, page 6 by filtering out international and high-carbon fuels.

-Per request, amended ZeaChem’s 2015 production projection to 25.25 million gallons.

-Page 4, end of second paragraph, amended wording to specify that fuels 75% better than gasoline or diesel have lower CI values.
Appendix A: US and Canadian Advanced Biofuel Producers

Biodiesel at least 50% better than crude

Company State

Private 

Investment

 (Millions 

2007-Q2 

2011)

Annual 

Production 

Capacity Feedstock

Start 

Date Website

Absolute Fuels TX 50,000,000 Multi Feedstock Q1 2010 www.absolutelubbock.com

Adirondack Biodiesel NY 1,460,000 Waste Oils

ADM ND 85,000,000 Canola Aug-07 www.adm.com

Agri-Source Fuels FL 10,000,000 Multi Feedstock Oct-07 www.asfuels.com

Agribiofuels TX 12,000,000 Multi Feedstock Dec-06 www.agribiofuels.com

Agrifuels OH 1,000,000 Multi Feedstock Mar-07 www.ohioagrifuel.com

Alternative Fuel Solutions IN 800,000 Multi Feedstock Jan-10

Alterra Bioenergy of Middle 

Georgia GA 15,000,000 Multi Feedstock Aug-07 www.alterrabioenergy.com

American Biodiesel Energy PA 4,000,000 Multi Feedstock

www.americanbiodieselenergy.co

m

Baker Commodities CA & MA 25,000,000 Multi Feedstock Dec-10 www.bakerscommodities.com

BARD PA algae www.bardllc.com

Batchelder Biodiesel Refineries NH Waste Oils http://www.bbr-llc.com

Bay Biodiesel CA 3,000,000 Multi Feedstock Mar-07 www.baybiodiesel.com

Baystate Biofuels MA Waste Oils www.baystatebiofuels.com

Beacon Energy TX 12,000,000 Multi Feedstock Mar-06 www.beacontx.com

Beaver Biodiesel OR 940,000 Waste Oils www.chemtools.com

Benefuel IL Waste Oils http://www.benefuel.net/

Bently Biofuels NV 1,000,000 Multi Feedstock Nov-05 www.bentlybiofuels.com

Bio Alternative IN 15,000,000 Waste Oils http://www.bio-alternative.com

Bio Blend Fuels WI 2,600,000 Multi Feedstock May-09 www.bioblendfuels.com

Biodiesel Industries of 

Greater Dallas-Fort Worth TX & CA 6,000,000 Multi Feedstock www.biodieselindustries.com

Biodiesel of Las Vegas NV 1,000,000 Multi Feedstock 4Q 2009 www.biodieseloflasvegas.com

Biodiesel of Pennsylvania PA 1,500,000 Multi Feedstock Mar-07 www.biodieselpa.com

Biodiesel of Texas TX 2,000,000 Multi Feedstock 3Q 2009 www.biofuelsoftexas.com

BioDiesel One Ltd CT 4,000,000 Multi Feedstock Feb-09 http://biodieseloneltd.com/

Biofuels of Colorado CO 15,000,000 Multi Feedstock

BioPur CT 1,000,000 Multi Feedstock Jul-06 www.biopurinc.com

Blue Ridge Biofuels NC 1,000,000 Multi Feedstock May-06 www.blueridgebiofuels.com

Blue Sky Biofuels CA 4,000,000 Waste Oils www.blueskybio-fuels.com/

Blue Sun CO Waste Oils www.gobluesun.com 

Bluegrass Biodiesel KY 9,000,000 Multi Feedstock Jun-11 www.bluegrass-biodiesel.com

Buffalo Biodiesel Inc NY waste oils www.buffalobiodiesel.com/

BullDog BioDiesel GA 18,000,000 Multi Feedstock Jan-08 www.bbiod.com

Cape Cod BioFuels MA 500,000 Waste Oils Sep-09 www.capecodbiofuels.com

Center Alternative Energy 

Company OH 5,000,000 Multi Feedstock May-07 www.centeroil.com

CGF Clayton DE` 11,000,000 Multi Feedstock Jan-10 www.cgfcorp.com

Chieftain BioFuels OH 3,000,000 Multi Feedstock

Clinton County Bioenergy IA 10,000,000 Multi Feedstock Aug-06 www.ccbebiodiesel.com

Community Fuels CA 10,000,000 Multi Feedstock Jun-08 www.communityfuels.com

Crimson Renewable Energy CA 30,000,000 Multi Feedstock 3Q 2009 www.crimsonrenewable.com

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Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 15
CV Biofuels CA Waste Oils http://www.cvbiofuels.com

Delta American Fuel, LLC AR 40,000,000 Multi Feedstock Mar-09

Delta Biofuels, Inc. MS 80,000,000 Multi Feedstock May-07 www.deltabiofuels.com

Down to Earth Energy GA 2,000,000 Multi Feedstock Aug-09 www.downtoearthenergy.net

e-biofuels IN 15,000,000 Multi Feedstock Jun-07 www.e-biofuels.com

Eagle Biodiesel AL & PA 33,000,000 Multi Feedstock www.eaglebiodiesel.us

Earl Fisher Bio Fuels MT 250,000 Multi Feedstock Apr-08 www.earlfisherbiofuels.com

Eberle Biodiesel TX 500,000 Multi Feedstock Jan-11 www.eberlebio-diesel.com

Ecogy Biofuels SC 30,000,000 Multi Feedstock Dec-07 www.ecogybiofuels.com

Ecolife Biofuels CA 1,500,000 Multi Feedstock 4/1/2010 www.ecolifebiofuels.com

Emergent Green Energy KS 2,000,000 Multi Feedstock Mar-09 www.egebio.com

Endicott Biofuels TX $40 0 Multi Feedstock www.endicottbiofuels.com

Energy Tec IA 30,000 Waste Oils Sep-08

Environmental Development 

Group AZ 1,500,000 Used Cooking Oil Q2 2010 www.edgroup.us

Ever Cat Fuels MN 3,000,000 Multi Feedstock Oct-09 www.evercatfuels.com

Evergreen Biodiesel Production Facility SC 36,000,000 Multi Feedstock Jun-11

Fina OH 60,000,000 Multi Feedstock Dec-06 www.fina-us.com

Foothills Bio-Energies NC 5,000,000 Multi Feedstock Sep-06 www.foothillsbio-energies.com

FUMPA BioFuels MN 3,000,000 Multi Feedstock Dec-04 www.biopup.com

Future fuel AR 59,000,000 Multi Feedstock www.futurefuelcorporation.com

Gen-X Energy Group WA 15,000,000 Multi Feedstock Jun-07 www.genxenergies.com

General Biodiesel WA 10,000,000 Waste Oils 3Q 2009 http://generalbiodiesel.com

Genuine Bio-Fuel FL 3,900,000 Jan-09 www.genuinebiofuel.com

Global Fuels MO 3,000,000 Multi Feedstock Apr-07

Grecycle Arizona AZ 2,500,000 Yellow Grease May-09 www.grecycle.com

Green Earth Fuels of Houston TX 90,000,000 Multi Feedstock Jul-07 www.greenearthfuelsllc.com

Green Star Products 0 algae http://www.greenstarusa.com

Green Valley Biofuels SC 35,000,000 Multi Feedstock 3Q 2009 www.greenvalleybio.com

Greenleaf Biofuels CT $0.15 Waste Oils www.greenleafbiofuels.com

Greenwave Biodiesel FL 4,000,000 Waste Oils Aug-10 www.greenwavebiodiesel.com

Griffin Industries KY 1,750,000 Multi Feedstock Dec-98 www.griffinind.com

Heartland Bio Energy FL 5,000,000 Multi Feedstock www.heartlandbioenergy.us

Heartland Biofuel IN 500,000 Multi Feedstock Apr-06

High Plains Bioenergy OK 30,000,000 Multi Feedstock Mar-08 www.highplainsbioenergy.com

Imperial Western Products CA 10,500,000 Multi Feedstock Oct-01 www.biotanefuels.com

Imperium Renewables WA $70 100,000,000 Multi Feedstock Aug-07 www.imperiumrenewables.com

Inland Empire Oilseeds WA 8,000,000 Canola Nov-08 www.inlandempireoilseeds.com

Integrity Biofuels IN 5,000,000 Multi Feedstock Aug-06 www.integritybiofuels.com

Interstate Biofuels NY Waste Oils www.interstatebiofuels.com

Iowa Renewable Energy IA 30,000,000 Multi Feedstock Jul-07 www.iowarenewableenergy.com

Jatrodiesel OH 5,000,000 Multi Feedstock Jun-07 www.jatrodiesel.com

Johnson Biofuels FL 1,000,000 Waste Oil Nov-09 www.johnsonbiofuels.com

Kansas Biofuels KS 1,800,000 Multi Feedstock Oct-07 www.kansasbiofuels.com

Keystone BioFuels PA 60,000,000 Waste Oils Mar-06 www.keystonebiofuels.com

Lake Erie Biofuels PA 45,000,000 Multi Sep-07 www.lakeeriebiofuels.com

Lantic Green Energy RI 500,000 Waste Oils 4Q 2008

Leland Organic Corporation NC 30,000,000 Multi Feedstock Sep-08

Life Technologies CA Multi Feedstock www.lifetechnologies.com/

Maine Standard Biofuel ME 500,000 Yellow Grease Jan-10 www.mainestandardbiofuel.com

Manning Beef CA Tallow 3Q 2009

Mass Biofuel MA www.massbiofuel.com

MBP Bioenergy MA 500,000 Waste Veg Oil Jan-11

ME Bioenergy MO 5,000,000 Multi Feedstock Jul-10

Memphis Biofuels LLC TN Waste Oils http://www.memphisbiofuels.com

Metro Fuel Oil Corp NY 2009 www.metroenergy.com

Michigan Biodiesel MI 17,000,000 Multi Feedstock Jan-07 www.mibiodiesel.com

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Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
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Midwest BioDiesel Producers SD 7,000,000 Multi Feedstock Mar-06

Midwest Biodiesel Products IL 30,000,000 Multi Feedstock May-07

www.midwestbiodieselproducts.c

om

Natural Biodiesel Plant MO 5,000,000 Multi Feedstock Apr-07

New Fuel Company TX 250,000 Multi Feedstock Apr-06 www.newfuelco.com

New Leaf Biofuel CA 1,500,000 Used Cooking Oil Dec-08 www.newleafbiofuel.com

Newport Biodiesel RI 500,000 Used Cooking Oil Jan-08 www.newportbiodiesel.com

NextDiesel MI 20 Waste Oils http://www.nextdiesel.net

NextFuels CA Multi Feedstock www.nextfuels.com

Noil Energy Group CA 5,000,000 Multi Feedstock 2Q 2009

Northeast Biodiesel MA $0.96 Waste Oils www.northeastbiodiesel.com/

Northern Biodiesel NY 20,000,000 Multi Feedstock Jun-08 www.northernbiodiesel.com

Orbitek OK $5 Multi Feedstock http://www.orbitekinc.com/

Paquin Energy and Fuel TX 5,000,000 Multi Feedstock www.paquinenergyandfuel.com

Patriot Biodiesel NC 1,500,000 Multi Feedstock Dec-08 www.patriotbiodiesel.com

Pennslyvania Biodiesel PA 25,000,000 Multi Feedstock Jul-09

Piedmont Biofuels NC 4,000,000 Multi Feedstock Nov-06 www.biofuels.coop

Pinnacle Biofuels AR 10,000,000 Multi Feedstock May-08 www.pinnaclebiofuels.com

Pleasant Valley Biofuels ID 1,500,000 Used Cooking Oil Aug-08 www.pvbiofuels.com

Promethean Biofuels Cooperative CA 1,500,000 Multi Feedstock 9/5/2009 www.prometheanbiofuels.com

RBF Port Neches TX 180,000,000 Multi Feedstock 4Q 2008 www.rbfuels.com

RECO Biodiesel VA 10,000,000 Multi Feedstock Dec-06 www.recobio.com

Red Birch Energy VA 2,500,000 Multi Feedstock Jun-08 www.redbirchenergy.com

REG Many $22 272,000,000 Multi Feedstock www.regfuel.com

Renewable Fuel Products CA Waste Oils www.renewablefuelproducts.com/

REV Biodiesel AZ 30,000,000 Multi-feedstock Dec-10 www.revbiodiesel.com

Rio Valley Biofuels NM 1,000,000 Multi Feedstock Jul-06 www.riovalleybiofuels.com

San Francisco Public Utilities 

Commission CA www.sfwater.org

Sanimax Energy WI 20,000,000 Multi Feedstock Apr-07 www.sanimax.com

SBI Bioenergy Alberta Multi Feedstock www.sbibioenergy.com

Scott Petroleum Corporation MS 20,000,000 Multi Feedstock Oct-07 www.scottpetroleuminc.com

Seminole Biodiesel GA 10,000,000 Multi Feedstock Jan-08 www.inland-stores.com

Sequential OR 17,000,000 Waste Oils www.sqbiofuels.com

Shenandoah Agricultural 

Products VA 300,000 Used Cooking Oil 3/15/2010

Simple Fuels Biodiesel CA 1,000,000 Waste Oils 3Q 2009 www.simplefuels.com

Simply Green Biofuels NH www.seacoastbiofuels.com

Smart Fuels Florida FL 3Q 2009 http://www.smartfuelsllc.com/

South East Oklahoma 

Biodiesel OK 5,000,000 Multi Feedstock Nov-08

Southern Alliance for Clean 

Energy TN 380,000 Used Cooking Oil Jul-09 www.cleanenergy.org

Soymor MN 30,000,000 Vegetable Oils Aug-05 www.soymor.com

Stepan Company IL 22,000,000 Multi Feedstock Jan-01 www.stepan.com

Sullens Biodiesel TN 2,000,000 Waste Veg Oil Nov-09

Sun Power Biodiesel WI 3,000,000 sunflower, canola Dec-09 http://www.growsunpower.com/

Synergy Biofuels VA 3,000,000 Multi Feedstock Dec-08 www.synergybiofuels.com

Terra Bioenergy MO 30,000,000 Multi Feedstock 4Q 2009

Texas Biotech TX www.txbiotech.com

Texas Green Manufacturing TX 1,250,000 Tallow Apr-09 www.texasgreen.biz

The La Grange Plant TX 3,500,000 Multi Feedstock Oct-10 www.thelagrangeplantinc.com

Thumb BioEnergy MI www.thumbbioenergy.com

TMT Biofuels NY 250,000 Used Cooking Oil Sep-08

TPA Inc. MI 20,000,000 Multi Feedstock Jul-08 www.thepoweralternative.com

Tri-State Biodiesel Waste Oils www.tristatebiodiesel.com 

Triangle Biofuels Industries NC 3,000,000 Multi Feedstock Jan-08 www.trianglebiofuels.com

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 17
United Oil Company PA 5,000,000 Multi Feedstock Dec-05 www.unitedb100.com

US Alternative Fuels Corp. PA 4Q 2008

Valley Biodiesel CA

Vanguard Synfuels LA 12,000,000 Multi Feedstock Apr-06

Virginia Biodiesel Refinery VA 7,000,000 Multi Feedstock Oct-03 www.virginiabiodiesel.com

Walsh Bio Fuels WI 5,000,000 Multi Feedstock May-07

Washakie Renewable Energy UT 10,000,000 Multi Feedstock Jan-09 www.wrebiofuels.com

Western Dubuque Biodiesel IA 36,000,000

Crude or Refined 

Vegetable Oils Aug-07 www.wdbiodiesel.net

Western Iowa Energy IA 30,000,000 Multi Feedstock Jun-06 www.westerniowaenergy.com

White Mountain Biodiesel NH 5,500,000 Multi Feedstocks Jun-10 www.whitemountainbiodiesel.com

Whole Energy Fuels WA & CA 10,500,000 Used Cooking Oil 1Q 2009 www.whole-energy.com

Yokayo Biofuels CA 500,000 Used Cooking Oil Apr-06 www.ybiofuels.org

160 Biodiesel 

Companies

Capacity* 

(GPY): $138.11 2,189,460,020

* Actual production of biodiesel closely follows that of the RFS2 requirements, despite the availability of higher capacity.

List provided by National Biodiesel Board.

Advanced Biofuels at least 50% Better than Crude

Company State Fuel Type

Production 

in 2011 

MGPY

Anticipated 

2012 

Production 

Capacity 

MGPY

Anticipated 

2015 

Production

Capacity 

MGPY

Feedstock

Private 

Investment

 (Millions 

2007- 

Q2 2011)

LCFS/

RFS2 

Registered

Website

American Energy 

Independence NH Diesel-Renewable biomass RFS2 www.amenico.com

Amyris CA Diesel-Renewable 2.51 17.01 44.01 sugar $363.8 www.amyrisbiotech.com

Diamond Green LA Diesel-Renewable 0 0 137 animal waste valero.com

Dynamic Fuels LA Diesel-Renewable 75 75 75 animal waste RFS2 www.dynamicfuelsllc.com

Flambeau River 

Biofuels WI Diesel-Renewable 0 0 6 woodwaste www.flambeauriverpapers.com

Kent Bioenergy CA Diesel-Renewable 0.01 0.01 0.01 algae www.kentbioenergy.com

LS9 CA Diesel-Renewable 0 0.05 0.1 biomass $78 www.ls9.com

ORYXE Energy CA Diesel-Renewable www.oryxe-energy.com

REII CA Diesel-Renewable 0.02 0.35 0.35 Multifeedstock www.reiinternational.com

Rentech CA Diesel-Renewable 0.15 0.15 259 Multifeedstock www.rentechinc.com

SG Biofuels CA Diesel-Renewable Jatropha $9.4 www.sgbiofuels.com

TerViva CA Diesel-Renewable 0 0 0.5 Seed Oil www.terviva.com

Trenton Fuel 

Works NJ Diesel-Renewable 0 0 3.87 mixed cellulose RFS2 www.trentonfuelworks.com

Abengoa MO Ethanol 0.01 0.01 15 cellulose LCFS/RFS2 www.abengoabioenergy.com

AE Biofuels CA Ethanol 0.05 10.04 10.05 cellulose www.aebiofuels.com

Algenol FL Ethanol 0.1 0.1 100.1 algae www.algenolbiofuels.com

Altra Biofuels CA Ethanol cellulose $63 RFS2 www.altrabiofuels.com

American 

Process GA Ethanol 0 0.47 0.47 cellulose www.apiweb.com

Archer Daniels 

Midland IL Ethanol 0 1 1 stover www.adm.com

BlueFire Ethanol CA Ethanol 3.9 3.9 22.9 woody biomass $10 http://bluefireethanol.com/

BP (Verenium) CA Ethanol 1.4 1.4 37.4 bagasse www.bp.com

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 18
Bunge MO Ethanol sugarcane RFS2 http://bunge.com

Calgren CA Ethanol 0 0 58 corn RFS2 www.calgren.com

Catchlight 

Energy CA Ethanol woody biomass www.catchlightenergy.com

Citrus Energy FL Ethanol cellulose www.citrusenergy.net

Coskata IL Ethanol 0.05 0.05 55.05 multifeedstock $83.2 www.coskata.com

DDCE TN Ethanol 0.15 0.25 50.25 stover www.ddce.com

EdeniQ CA Ethanol corn $45.4 www.edeniq.com

Enerkem Quebec Ethanol 0.3 0.3 21.3 MSW $118.6 www.enerkem.com

Fiberight IA Ethanol 0.01 3 6 MSW RFS2 www.fiberight.com

Fulcrum 

Bioenergy CA Ethanol 0.01 0.51 42 MSW $95 www.fulcrum-bioenergy.com

Garden State 

Ethanol NJ Ethanol algae

Genahol OH Ethanol 0 0 18 MSW www.genahol.com

Gulf Alternative 

Energy TX Ethanol cellulose www.gulfalternativeenergy.com 

Helios PA Ethanol 0.03 0.03 0.03 cellulose

INEOS Bio IL Ethanol 0 3 8 MSW www.ineosbio.com

Iogen Ontario Ethanol 0 0 1 cellulose www.iogen.ca

KL Energy Corp WY Ethanol 1 1 1.3 wood waste $4 www.klenergycorp.com

Lignol Biofuel BC Ethanol 0.02 0.02 0.02 woodwaste www.lignol.ca

Logos 

Technologies VA Ethanol 0 0.8 0.8 cellulose/MSW www.logostech.net

Masada AL Ethanol MSW www.masadaonline.com

Mascoma NH Ethanol 0.4 0.4 40.2 wood chips $142 www.mascoma.com

Mendota 

Advanced 

Bioenergy

CA Ethanol Beet waste

Novogy MA Ethanol Pulp waste $0.75 www.novogyinc.com

POET SD Ethanol 0 0 25 LCFS/RFS2 www.poet.com

Powers Energy IN Ethanol MSW www.powersenergyofamerica.c

om

Purevision 

Technology CO Ethanol Multifeedstock www.purevisiontechnology.com

Qteros MA Ethanol Multifeedstock $50.6 www.qteros.com

Syntec Biofuel BC Ethanol waste/mixed 

cellulose www.syntecbiofuel.com

US Envirofuels FL Ethanol sorghum/

sugarcane

www.usenvirofuels.com

Verdezyne CA Ethanol sugars $15.3 www.verdezyne.com

Woodland 

Biofuels

Ontario Ethanol 0.02 0.02 0.02 wood waste $5.2 www.woodlandbiofuels.com

Zeachem OR Ethanol 0 0.25 25.25 mixed cellulose $38 www.zeachem.com 

Cool Planet 

Biofuels CA Gasoline - 

Renewable biomass $11.5 www.coolplanetbiofuels.com

CORE Biofuel BC Gasoline - 

Renewable 0 4.4 17.8 woodwaste www.corebiofuel.com

Joule 

Biotechnologies MA Gasoline - 

Renewable 0.01 0.01 0.01 CO2 $30 www.jouleunlimited.com

Murphy Oil AR Gasoline - 

Renewable 0 0 115 animal waste RFS2 www.murphyoilcorp.com

Primus Green 

Energy NJ Gasoline - 

Renewable 0.02 0.02 0.02 cellulose www.hclcleantech.com

Terrabon TX Gasoline - 

Renewable 0.1 1 25 MSW $1.25 www.terrabon.com

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 19
Zeropoint NY Gasoline - 

Renewable woodwaste $3.12 www.zeropointcleantech.com

Gevo Development CO Other - 

Isobutanol 1 10 350 multiple 

feedstocks $90 www.gevo.com

Butamax DE Other- Biobutanol 0 0.5 160.5 corn www.butamax.com

Cobalt 

Technology CA Other- Biobutanol 0.01 0.48 0.48 corn $61.5 www.cobaltbiofuels.com

BioFuels Energy CA OtherBiomethane MSW RFS2 www.biofuelsenergyllc.com

EcoTech Fuels CA Other- Synfuel MSW www.ecotechfuels.com

Nexterra BC Other- Syngas woodwaste $28.1 http://www.nexterra.ca/

Aquatic Energy LA Multi Renew 0.03 0.03 0.03 algae www.aquaticenergy.com

Bio Architecture 

Lab CA Multi Renew algae $8 www.ba-lab.com

Blue Fuel Energy 

Corporation BC Multi Renew 0 0 61.32 CO2 www.bluefuelenergy.com

ClearFuels HI Multi Renew 0.07 0.07 38.07 woodwaste www.clearfuels.com

Diversified 

Energy AZ Multi Renew Multifeedstock www.diversified-energy.com

General Atomics CA Multi Renew algae www.gat.com

Green Pacific 

Biologicals CA Multi Renew algae $0.23 www.greenpacificbio.com 

KiOR TX Multi Renew 0.23 6.7 250.23 woody biomass $179.37 www.kior.com

Sapphire Energy CA Multi Renew 0.02 0.02 1.02 algae $101.4 www.sapphireenergy.com

SCIPIO Biofuels CA Multi Renew 0 0 320 algae www.scipiobiofuels.com

Solazyme CA Multi Renew 0.38 0.75 145 Multifeedstock $350 www.solazyme.com

Sundrop Fuels CO Multi Renew 0 0 40 Multifeedstock www.sundropfuels.com

SynGest CA Multi Renew mixed cellulose www.syngest.com

Virent WI Multi Renew 0.01 0.01 20.01 mixed cellulose $67.4 www.virent.com

80 Companies Total (MGPY): 87.02 181.11 2,609.47 $2,054.12

Production capacity was left blank for companies without data available to E2. 

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 20
Appendix B: International Advanced Biofuel Producers 

			 Likely to Enter the California Market

Company Country Fuel Type

Production 

in 2011 

MGPY

Anticipated 

2015 

Production 

MGPY

Feedstock

Private 

Investment 

(Millions of 

Dollars)

LCFS/

RFS2 

Registered

Website

Argent Energy UK Biodiesel 13.2 13.2 waste oil RFS2 www.argentenergy.com

Australian 

Renewable Fuels 

Australia DieselRenewableused cooking oil www.arfuels.com.au

Bionersis SA France Other – 

Biogas

$20.40 www.bionersis.com

Biotor Industries India Biodiesel Castor Oil $38.5 www.biotorindustries.com

Borregaard Norway Ethanol 0.11 0.11 Mixed cellulosic 

residue

Brazilian Renewable 

Energy Company

Brazil Ethanol - 

Sugarcane

0.8 0.8 sugarcane $200 www.eth.com

COFCO/Sinopec China Ethanol 3 3 corn stover

Ensyn Corporation Malaysia RDIF 0 316 pal waste $3 http://www.ensyn.com/ 

Green Gas 

International BV

UK Other – 

Biogas

$20.86

Gushan 

Environmental 

Energy 

China DieselRenewablewww.chinagushan.com/

en/

Hebei Zhenghe China DieselRenewable

Inbicon Denmark Ethanol 1.4 19.4 Straw

Kumho 

Petrochemical

Korea Biodiesel 0.39 0.39 algae www.kkpc.co.kr

Lanza Tech China Ethanol 0.5 40 Steel gas waste $30 www.lanzatech.co.nz

MBD Energy Australia DieselRenewable0.01 3 algae www.mbdenergy.com 

Naturally Scientific China Other – 

Bio-oil

0.01 20.01 CO2

Neste Oil Finland DieselRenewable772 772 palm, rapeseed 

oil, waste fat

RFS2 www.nesteoil.com

Petrobras Brazil Ethanol 0 4 bagasse www.petrobras.com

Praj Industries India Ethanol www.praj.net 

Qantas/Solena Australia RDIF 0 16 http://

www.solenafuels.com/ 

Santelisa Vale SA Brazil Ethanol $212

SBAE Industries Belgium DieselRenewable$1.2 www.sbae-industries.com

Seaweed Energy 

Solutions

Norway Other – 

Biogas

www.seaweedenergysoluti

ons.com

TMO Renewables UK Ethanol 0.01 0.01 cellulose $48.6 www.tmo-group.com

Weyland / Statoil 

Hydro

Norway Ethanol 0.05 8 mixed cellulose http://weyland.no 

 25 Companies Total 

MGPY: 791.48 1,215.92 $574.56

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 21
Appendix C: Related Businesses

Feedstock/Biomass Producers

Company State

Production in 

2011 MGPY

Anticipated 

Production 

2015 MGPY

Private Investment 

(Millions of $) Website

AgRefresh VT www.agrefresh.org

Alchemix Corporation AZ www.alchemix.net

AlgaeVenture Systems OH www.algaevs.com

ArborGen SC www.arborgen.com

Aurora Algae CA 0.03 .52 $48.41 www.auroraalgae.com

BEST Energies WI www.bestenergies.com

Bio-fuels Inc FL http://bio-fuelsusa.com/

BioMCN Netherlands $46 www.biomcn.eu

Ceres Biofuels CA www.ceres.net

Chip Energy IL www.chipenergy.com

Chromatin IL www.chromatininc.com

Community Biofuels CA www.communitybiofuels.com

Florida Crystals Corp FL www.floridacrystals.com

Genomatica CA www.genomatica.com

Green Pacific Energy Ltd. Australia

Imperative Energy Ltd Ireland $42.5 www.imperativeenergy.ie

Kuehnle AgroSystems HI www.hawaiibioenergy.com

Maine Bioproducts ME www.mainebioproducts.com

Mendel Biotechnology CA www.mendelbio.com

Nova Fuels CA www.novafuels.com

Petro Algae FL .12 110.12 www.petroalgae.com

Power Stock WA www.pacificpowerstock.com

Renewed World Energies SC www.rwenergies.com

Renmatix 

(Sriya Innovations) GA $15 renmatix.com

Shalivahana Projects Ltd India $44.5 http://shalivahanaprojects.com

SmartSoil-Energie Inc. Quebec http://www.cleanenergy.gc.ca

Solix CO 0.01 0.01 $36.9 www.solixbiofuels.com

SunEco Energy CA http://sunecoenergy.com

Xylowatt Belgium $4.1 www.xylowatt.com

Yulex Corporation CA http://www.yulex.com

Zymetis MD $0.75 www.zymetis.com

31 Companies 0.16 110.65 $238.16

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 22
Enzymes & Chemicals

Company State

Production in 

2011 MGPY

Anticipated 2015 

Production 

MGPY

Private 

Investment 

(Millions of $) Website

AgriVida MA $2 www.agrivida.com

Algae Producers OH www.algaeproducersinc.com

Allopartis Biotechnologies CA $0.75 www.allopartis.com

Arisdyne Systems OH $5.3 www.arisdyne.com

BioAmber MN $45 http://www.bio-amber.com

C5-6 Technologies WI www.c56technologies.com

Codexis CA www.codexis.com 

DuPont DE www.usa.dupont.com

Dyadic FL www.dyadic.com

Genencor NY www.genencor.com

GlycosBio TX www.glycosbio.com

Haldor Topsoe TX 0 0.8 www.topsoe.com

HCL CleanTech NC $15.4

Inventure, Inc. WA $1.5 www.inventurechem.com 

Myriant MA http://www.myriant.com

Novozymes CA www.novozymes.com

Segetis MN www.segetis.com

17 Companies $69.95

Related Technology

Company State Fuel Type

Production in 

2011 MGPY

Anticipated 2015 

Production 

MGPY

Private 

Investment 

(Millions of $) Website

Agricultural Waste 

Solutions CA Biogas www.agwastesolutions.com

AgriFuels CT Consulting www.agrifuels.com

AltAir Fuels WA Aviation 0 100 www.altairfuels.com

Blendstar TX Distribution www.blendstarllc.com

Blue Marble Energy WA Biogas $3.3 http://bluemarbleenergy.net/

Bodega Algae LLC MA Equipment http://www.bodegaalgae.com/

Chemrec NC Natural Gas 0.58 30.58 $20 www.chemrec.se

Clean Energy CA Natural Gas www.cleanenergyfuels.com

Dynamotive BC Bio-oil 1.01 1.01 $10.5 www.dynamotive.com

Enviromech Industries CA Natural Gas http://emifuel.com/

Global Green Solutions BC Biomass steam $3.8 www.globalgreensolutionsinc.com

GreenShift Corporation NY Other www.greenshift.com

Live Fuels CA Bio-oil .01 .01 $10 www.livefuels.com

Michigan Biotech Institute MI Consulting http://www.mbi.org/

Nella Oil CA Distribution http://nellaoil.com

Origin Oil CA Algae www.originoil.com

Propel CA Distribution $19.25 www.propelfuels.com

R-Qubed TX Biogas $0.15 www.r-qubedenergy.com

Solena Group CA Aviation 16 www.solenafuels.com

Ze-Gen MA Biogas www.ze-gen.com

20 Companies 1.6 147.6 $67

E2 | Environmental Entrepreneurs

Advanced Biofuel Market Report 2011 
 
 
 
 
 
 
 
 
 23