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11 May 11. Legislation authorizing long-term Department of
Defense (DOD) contracts for purchasing advanced biofuels can help companies commercialize innovative new technology. The Biotechnology Industry Organization (BIO) today thanked Rep. Jay Inslee (D-Wash.) for introducing the “Domestic Fuel for Enhancing National Security Act of 2011,” which would authorize the DOD to engage in 15 year contracts for advanced biofuels. “This legislation makes common sense changes to Department of Defense procurement policies that will bring certainty to advanced biofuel producers that will result in additional private capital. With bi-partisan support, this legislation will take us another step closer to true energy independence.”“Advanced biofuels have the ability to create thousands of American jobs and, more importantly, help reduce our dependence on foreign oil,” said Rep. Jay Inslee. “This legislation makes common sense changes to Department of Defense procurement policies that will bring certainty to advanced biofuel producers that will result in additional private capital. With bi-partisan support, this legislation will take us another step closer to true energy independence.” Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “Expanding the Defense Department’s ability to engage in long-term contracts would provide potential investors and advanced biofuel companies market stability when they commit capital to building new biorefineries. We need a dramatic scaling up of advanced biofuel production in the United States, beginning with capital investment in deploying new technologies. The Defense Department recognizes that domestically produced advanced biofuels are vital to our energy security, by for instance shielding the military from volatile energy supplies and prices.” (Source: BUSINESS WIRE)