Another Green Bubble Is Deflating in Biofuels

Bloomberg
  -  
Monday, July 8, 2024
After the stock market debacle for wind companies in 2023, the biofuel sector is the next deflating green bubble. The industry is battling several problems: significant cost overruns and engineering shortcomings, and a glut of biofuels as rosy forecasts for demand never materialized. Oil consumption, instead, is rising. Biofuel margins have tumbled. Neste is paradigmatic: Its market value has plunged more than 75% to about $15 billion. Green Plains Inc., one of the largest US ethanol makers, has seen its shares halve over the last year1. Others have fared worse: Several companies have either filed for bankruptcy or are teetering on the verge of collapse. Fulcrum BioEnergy Inc., an American company that raised $1 billion in funding — from BP Plc, among others — with the promise to turn waste into green jet fuel has effectively stopped operating.
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