The Agricultural Biorefinery Innovation and Opportunity Act of 2023 expands and strengthens federal support for developing advanced biofuels, renewable chemicals, and biobased products derived from agricultural materials. The bill amends existing law to add a new grants program alongside existing loan guarantees, allowing the Department of Agriculture to award competitive grants covering up to 60 percent of project costs for pilot and demonstration-scale biorefineries that prove the commercial viability of new conversion processes. The legislation authorizes $100 million annually from 2024 through 2028 to support both the loan guarantee and new grant programs, prioritizing projects that use innovative feedstocks or technologies, demonstrate rural economic benefits, can be replicated at scale, and enhance domestic energy security. The bill affects agricultural producers, biorefinery companies, and rural communities seeking to develop and commercialize bioeconomy technologies. By reducing feasibility study requirements for proven technologies and establishing a priority scoring system that considers innovation and financial participation, the bill aims to accelerate the commercialization of bio-based alternatives to petroleum-derived products.
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