Virgin Group to Invest $400 Million in Renewable Fuels by 2009
September 13, 2006
The Virgin Group—a company that started in music and has expanded to airlines and a whole lot more—announced on September 10th that its latest venture will be in renewable fuels. Virgin Fuels will invest up to $400 million in renewable fuels over the next three years, starting with an investment in California-based Cilion, Inc. Cilion was formed in June to build and operate ethanol plants that will be cheaper and greener than standard corn-to-ethanol plants, as they substantially reduce the need for fossil fuels in ethanol production. By 2009, Cilion plans to build seven ethanol plants that will have a total capacity of 440 million gallons per year. The first three plants are expected to be located in California. See the Virgin Group press release and the June 21st press release announcing the formation of Cilion.