Jan 7 2013
When the House of Representatives passed the "Fiscal Cliff" bill late Tuesday evening, the biodiesel industry was watching. The bill included an extension of the federal biodiesel blenders tax credit for 2013, and a retroactive extension for 2012. Blue Sun noted that for many companies in the industry the bill provides not only certainty moving forward, but provides critical capital for biodiesel producers.
St Joe Plant
For some in the industry, the retroactive tax credit provides a valuable opportunity to reinvest in the future.
"Blue Sun will immediately invest payments from credits earned in 2012 to advance our next generation biofuel technologies," said Leigh Freeman , CEO of Blue Sun. "We'll use this opportunity to meet the intent of incentive programs such as the biodiesel tax credit and fully commercialize our emerging technologies to better the industry."
Blue Sun capital investments include launching a new enzymatic processing technology that will reduce net production costs by over 90 cents per gallon and will allow the Blue Sun refinery to process a wide range of non-food feedstocks.
"Blue Sun thanks Congress for including such important legislation in the bill. Supporting new and growing industries like alternative energy is a key role our government can play in keeping the U.S. the dominant player in business and technology worldwide. This support provides stability, which in turn creates certainty for our investors current and future," said Mr. Freeman.
Blue Sun noted that federal support like the biodiesel blenders tax credit works efficiently with private alternative energy investment in the commercialization of advanced technologies.
Blue Sun has created over 30 new jobs and employs 50 people, with the majority supporting the new technology implementation at the St. Joseph, Missouri biodiesel production facility.