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Cellulosic ethanol company Qteros Inc. is backed by BP Plc. funding through the oil giant’s venture capital arm, BP Ventures. But renewable-fuels firms such as Qteros could get a bigger boost from BP — inadvertently — in the fallout from the oil disaster in the Gulf.
That’s according to John McCarthy, CEO of Marlborough-based Qteros, who is well-qualified to comment on both renewable fuels and BP. Not only has he worked with BP in his current post, but previously, as an executive at Verenium Corp. in Cambridge, he spearheaded that company’s joint venture with BP to develop and commercialize cellulosic ethanol.
McCarthy recently spoke with Mass High Tech about the Gulf situation and what it means for companies involved with non-food-based ethanol and other renewable fuels.
Q: What could the oil disaster mean for cellulosic ethanol firms?
A: I think there is now a rejuvenated focus on this broad area of energy security. I think what the Gulf disaster has done is publicly expose us, yet again, to why this is such a serious problem. It’s way beyond cellulosic ethanol, or frankly even biofuels. It’s a much broader issue.
Q: How could this play out?
A: Things are going on in D.C. Influential politicians are using this as a platform to catalyze movement for biofuels, which I think is good. But I have a strong sense that like 9/11, with the passage of time, this thing will wane again. But I’m still encouraged by some of the things I’ve seen in the wake of the disaster — a renewed awakening of how serious this problem is. ... Even if directionally nothing comes out of the Gulf disaster, I think we’ll be left with a recognition that this is not an Obama thing nor a Bush thing. It transcends administrations.
Q: Does this help to prove that the costs of producing oil versus producing biofuels aren’t so far apart?
A: If there is such thing as a silver lining behind this disaster, it’s that it has put a fine point on the risks associated with (oil production.) For oil company executives, the cost of doing business is not what they’ve thought it is.
Q: So the energy landscape has changed to some degree?
A: (With the oil disaster) it’s so visible, at so many levels. There’s no putting the genie back in bottle on this one. Like with 9/11, I think this has created a major political awakening. What we do with that, we’ll have to see.
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