Range Fuels, a government-backed company that represented high hopes for biofuels, will have to sell off its assets after failing to produce fuel, according to a report.
Bloomberg on Friday reported that the company is being forced to foreclose by the Department of Agriculture and sell equipment from its biofuel plant in Soperton, Georgia. The company had stopped operating in January after failing to meet technical goals.
The Colorado-based company had received funding from the Departments of Agriculture and Energy as well as venture capital investors, including Vinod Khosla.
The Georgia plant was designed to take wood chips from the … Read more