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Deployment of NGBF-funded projects will have broad benefts across Canada. Opportunities are developing for the agricultural community, the forestry industry and for municipalities. We are seeing increased utilization of agricultural residues and municipal solid waste as feedstock for the production of next generation renewable fuels and co-products. The forestry industry is being rejuvenated through the utilization of existing sites as well as leveraging of the woody biomass supply chain for the production of next generation renewable fuels and bio-chemicals.

With its frst small commercial plants being built and commissioned, the global next generation renewable fuel industry is overcoming technology and fnancial hurdles and progressing towards commercial roll-out. The technology gap which had slowed down industry over recent years is now closing, namely due to improved process performance and progress achieved on the pre-commercial demonstration front.

In 2012, several macro-economic factors impacted the alternative energy industries such as the availability of shale oil and gas in North America and uncertainty as to alternative energy policies. In Canada, it was observed that some traditional forest industry companies have joined leading next generation biofuels organizations for synergistic project developments. First-of-kind risk and tight credit markets still require that the next generation renewable fuels industry rely on strategic investors and government fnancing for initial commercial roll-out.

In 2012, we have pursued outreach activities with project-ready candidates which meet the NGBF eligibility criteria and are favorably benchmarked against target performance criteria. Nine consortia are active with three having fled an Application for Funding (AFF) and six Indications of Interest (IOI), which are expected to convert to AFF in the near term. For the three active AFFs, two funding decisions were made in 2012 for project front-end development, and one funding decision was made in 2011.

NextGen Biofuels Fund™

NGBF Investment Portfolio – Country-Wide

Mascoma Drayton Valley Biorefnery (MDVB)

Drayton Valley, AB

SDTC Initial Contribution: $643,000

Total Potential SDTC Contribution: $74.9 million

Total Project Value: $225.9 million

MDVB will convert 235,000 metric tonnes per year (mtpy) of woody biomass into 72M litres of cellulosic ethanol and co-products.

Vanerco, Varennes, QC

SDTC Initial Contribution: $130,000

Total Potential SDTC Contribution: $22.4 million

Total Project Value: $97.5 million

The cellulosic ethanol facility will convert 115,000 metric tonnes per year of urban waste into 40M litres of cellulosic ethanol.

Côte Nord RTP Port Cartier, QC SDTC Initial Contribution: $220,000

Total Potential SDTC Contribution: $23.6 million

Total Project Value: $92.5 million

The Côte Nord RTP™ project will annually convert 132,000 oven dried metric tonnes (ODMT) of sawmill residuals and wood chips into 76M litres of second generation Renewable Fuel Oil (RFO).

20 SDTC 2012 Annual Report

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