The funding will be used to advance the production of substitutes for petroleum-based feedstocks, and bioproducts made from renewable, non-food-based biomass, like agricultural residues and woody biomass.

The funding supports the department’s plans to make drop-in biofuels more accessible and affordable, as well as meet the cost target equivalent of $3 per gallon of gasoline by 2022.

The department said it encourages industry to invest in the production of cost-competitive, advanced biofuels and bioproducts from renewable, abundant biomass.

Advancing and commercializing cost-competitive biofuels will help the department work towards its aim of reducing the existing petroleum consumption in the US by about 30% and enhance the country’s national security and reduce carbon emissions.

The department’s Office of Energy Efficiency and Renewable Energy accelerates the development and deployment of energy efficiency and renewable energy technologies and market-based solutions that strengthen the US energy security, environmental quality, and economic vitality.