Navy Spending $12M on Biofuels Order
WASHINGTON (AP) — The U.S. Navy is spending $12 million to buy 425,000 gallons of fuel made from cooking oil and algae that will be used to power vessels and ships in a training exercise.
The government ordered the fuel from a joint venture between poultry producer Tyson Foods Inc. and refining company Syntroleum Corp. called Dynamic Fuels LLC, and from biofuels company Solazyme Inc., the companies and the government said Monday.
By 2016, the Navy wants to deploy what it calls a "Great Green Fleet" of nuclear vessels, hybrid electric ships and other ships and aircraft powered by biofuels. It is investing more than $500 million in the budding biofuel industry with the hope that it will be able to supply enough alternative fuel so the maritime branch can cut its dependence on fossil fuel by 50 percent over the next decade.
The fuel will be manufactured at Dynamic Fuel's Geismar, La., plant.