"Cobalt shows us that what is good for the environment can also be good for the economy. In fact, within the next few years, Cobalt has plans to build an even larger plant that will create 1,300 permanent jobs. I want that plant and those jobs right here in California," Schwarzenegger said.
"That's why, in my State of the State address, I announced a Jobs Initiative that we estimate could create 100,000 jobs with one piece of this proposal exempting the purchase of green-tech manufacturing equipment from the sales tax."
"This proposal will help California attract and retain green businesses and create the jobs of the future. I want every CEO, entrepreneur and innovator to know that if you're investing in a cleaner future, California will invest in you."
Biobutanol is made from non-food feedstock (forest waste or mill residues), and its technology reduces greenhouse gas emissions by 85 percent compared to gasoline.
The product can be used as a standalone fuel or blended with regular fuel or ethanol. According to Cobalt, biobutanol is more powerful and produces less pollution than ethanol.
"Based on the technology breakthroughs we have achieved, and the successful operation of our plant, we are on track to build a commercial facility within two years, and we are currently building a network of strategic partners in the fuels, chemicals, forest products, and construction industry to deploy our technology at the next scale," Rick Wilson, Cobalt Biofuels CEO concluded.
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