FPL Energy, LLC, a subsidiary of FPL Group (NYSE: FPL), announced on Thursday that it has signed a letter of intent with Citrus Energy, LLC, of Boca Raton, FL, to develop the first ever commercial scale citrus peel to ethanol plant.
The cellulosic ethanol plant will be owned and operated by FPL Energy and is expected to produce four million gallons of ethanol per year. It will be located on the grounds of a local Florida citrus processor.
"Citrus Energy's mission is to develop fuel ethanol that minimizes environmental impact and cost by using citrus waste and other biomass. FPL Energy, as the largest renewable energy generator in the U.S., is the ideal partner," said David Stewart, president of Citrus Energy.
FPL Energy said that ethanol from citrus peel could result in a new Florida industry producing over 60 million gallons of fuel per year, which could replace about one percent of Florida's annual gasoline