Biorefineries Get A Boost

Rentech (AMEX:RTK) and partner Clearfuels Technology will get $23 million in grants to add a gasifier to existing facilities. This will help in the process of turning woody biomass into diesel and jet fuel. Other partners in the Aiea, Hawaii plant include construction company URS Corporation (NYSE:URS) and utility Hawaiian Electric (NYSE:HE).

The United States recently moved one step closer to energy independence this past Friday as the Department of Energy Secretary Steven Chu, and Agriculture Secretary Tom Vilsack, announced the first wave of grant money towards biofuel. While the corn ethanol dream in America is pretty much over, as many of the main producers have filed for bankruptcy or had their assets folded into more traditional oil companies (such as VeraSun into refiner Valero (NYSE:VLO)), biofuel from non-feed stocks or from waste are another matter.