Filed under: company, stake, takes | Tags: another, biofuel, company, GM, stake, takes
WASHINGTON, May 1 (Reuters) – General Motors Corp (GM.N: Quote, Profile, Research) is taking another stake in a company focused on developing ethanol from sources other than corn, the automaker said on Thursday.
Mascoma Corp is testing its process for converting biological wastes — plant matter, grasses, wood chips and other non-grain sources — to fuel. It expects to start producing ethanol later this year at a demonstration plant in New York state.
There is growing concern among international aid groups and others that diverting a sizable percentage of America’s corn harvest for ethanol production has helped to drive up crop and food prices.
In January, GM announced it was taking a stake in Coskata Inc of Warrenville, Illinois, a biofuels company looking at sources of energy including garbage, old tires and plant waste. (more…)
