Texas-based biofuel company KiOR is going public with hopes of raising a cool $100 million for the construction of a new plant that converts wood chips to petroleum!
KiOR is bucking the biofuel trend by focusing on transportation fuel — for cars, jets and the like. The company wants to produce gasoline that costs around $1.80 per gallon when produced from renewable petroleum.
KiOR's technology converts wood chips to a substance that behaves similarly to typical petroleum. That price will come with a plant capable of processing 1,500 tons of feedstock every day. The KiOR demonstration plant currently in operation can only process 10 tons per day today.
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