BP announced last week it was canceling plans for a commercial-scale cellulosic ethanol plant that was scheduled to be built in Highlands County, Fla. The company said it was instead refocusing its strategies on research and technologies in the biofuels industry.
"Given the large and growing portfolio of investment opportunities available to BP globally, we believe it is in the best interest of our shareholders to redeploy the considerable capital required to build this facility into other more attractive projects," said Geoff Morrell, BP vice president of communications, in a press statement.
The plans for the plant included production of 36 million gallons a year of cellulosic ethanol. Though the company said it was "ending its pursuit of commercial-scale cellulosic ethanol production in the U.S.," it said it will continue to invest in its biofuels research facility in California, as well as a demonstration plant in Louisiana.
In England, the company continues to invest in a commercial production plant, which will produce 110 million gallons of ethanol per year when it comes online later this year. Brazil is also home to three sugarcane ethanol mills under BP ownership.
Through a partnership with biobutanol company Butamax, BP said it will also continue to develop advanced biofuel technology.
The company made a commitment in 2005 to spend $8 billion over 10 years on alternative energy. More than $4 billion of that has already been invested in the U.S., bringing the total of worldwide investments to $7 billion.
BP also operates 13 wind farms and more than 1,000 turbines in the U.S.