Mascomas Plan for Ethanol Plant in Michigan Likely Delayed, CEO Says
Summary
Mascoma’s Plan for Ethanol Plant in Michigan Likely Delayed, CEO Says Xconomy Boston — Lebanon, NH-based Mascoma has made strides with its process for producing ethanol from non-food plants such as wood chips and grass.Yet the firm is likely to delay the start of production at its first planned commercial facility, in northern Michigan, company CEO Bill Brady says.Now, Brady says, the facility is more likely to open in 2013—and the company has not secured the debt and equity funding it seeks to pay for the project.To hear Brady tell it, the financial meltdown bears much of the blame for slowing down plans for the Michigan plant.“There’s no doubt that the financial crisis in 2009 was a setback to all of the cleantech world, and so the financing that’s ever so important to this first plant has definitely been delayed,” the CEO says.