USA: Renewable Fuels Velocys Builds Biorefinery in the State of Mississippi
Velocys has signed a site option agreement with Adams County in the State of Mississippi for its first US biorefinery to be located in Natchez, Mississippi.
Plain City/USA — The company has been offered economic development incentives from Adams County estimated to be worth the equivalent of $ 42 million. The project expects to qualify for additional incentives worth up to $ 15 million, provided via Mississippi’s Advantage Jobs Act and other statutory tax incentives. These incentive packages would reduce the company’s future tax liabilities and are subject to certain minimum requirements for capital investment and local employment opportunities.
The company has also received commitments from Adams County worth approximately $ 4 million (relating to the land and upgrades to the site) and $ 1 million site upgrade commitments from local utility suppliers, further increasing the attractiveness of the site.
The Natchez site which has a surface of approx. 400,000 m2 was confirmed after the company analysed a broad set of operational and tax considerations at twelve possible sites in four States in the Southeast United States.
The analysis lays the foundation for future biorefineries: The renewable fuels producer is maintaining its list of other sites in the region, which could host plants with capacities totalling 379,000 million liters over the next ten years.