On August 16th, the Office of Energy Efficiency and Renewable Energy (EERE) at the U.S. Department of Energy reports that President Obama has announced up to $510 million will be invested, with private sector partnership, during the next three years into biofuels. Excerpt from EERE progress alert:

President Obama Announces Major Initiative to Spur Biofuels Industry and Enhance America’s Energy Security

President Obama today announced that the U.S. Departments of Agriculture, Energy, and Navy will invest up to $510 million during the next three years in partnership with the private sector to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation. The initiative responds to a directive from President Obama issued in March as part of his Blueprint for A Secure Energy Future, the administration’s framework for reducing dependence on foreign oil. The biofuels initiative is being steered by the White House Biofuels Interagency Work Group and Rural Council, both of which are enabling greater cross-agency collaboration to strengthen rural America.

For the full report, click here.