Coskata Named MIT Top Innovative Company
If the name Coskata doesn't ring any bells to you, know that the company makes the necessary technology to produce biofuels from feedstocks and other sources. "Using proprietary microorganisms and transformative bioreactor designs, the company will produce ethanol that can be cost competitive with gasoline unsubsidized almost anywhere in the world," GM explained in a press statement.
To make an idea on how important the award actually, we should mention that Apple, Google or even the famous social network Twitter are also included in the top 50 innovative companies.
"We invested in Coskata so that we could enable the rapid deployment of commercially viable and environmentally sustainable ethanol globally," said Bob Babik, GM Vehicle Emissions director. "We have already accepted some of Coskata’s ethanol at our Milford Proving Grounds for testing."
At the time of the signing of the deal between GM and Coskata, the latter's CEO and President Bill Roe emphasized the need for ethanol and underlined that the auto sector will slowly migrate to this kind of alternative fuel.
"We will have our first commercial-scale plant making 50 to 100 million gallons of ethanol running in 2011, and that includes the two years it will take to build the plant," Roe said. "Success in delivering on our business plan means that we could account for a significant portion of the biomass ethanol mandated in the new Renewable Fuels Standard within 10 years."