Sustainable Projects Group’s portfolio company, Cormo USA, signed a lease agreement for its first production site in the United States in preparation for the fall 2020 corn harvest in Rushville, Indiana.

Cormo USA Inc is a joint venture partnership between Switzerland based Cormo AG and Sustainable Projects Group Inc. The company specializes in the recycling of corn harvest field waste into sustainable, value-added products such as peat moss substitutes and superabsorbents used in filtration, packaging, and building industries.

The 108,000 sq. ft. building containing manufacturing hall and office space is Cormo's first facility outside of Europe. Cormo has begun initial site improvements and has already completed its first hiring within the local community to assist with corn stover sourcing. The company said it plans to continue improvements and additional local hires into the early summer to ensure the site is ready for equipment installation before the upcoming harvest season.

According to company officials this inaugural U.S. production plant is intended to provide Cormo USA with the necessary environment to assemble its first commercial-scale plant, while simultaneously completing the planning stage for its state of the art facility located in the Rushville Commerce Park. The company currently expects to break ground on the 20-acre facility during the spring of 2021.

"Securing this lease agreement on behalf of our largest portfolio company is integral to helping Cormo produce its first commercially available products within the United States. At the same time, this giant step forward for Cormo validates SPGX's ability to successfully migrate innovative European businesses to the U.S. even while the COVID-19 pandemic has made cross-border travel impossible," said Stefan Muehlbauer, CEO of SPGX.

"This facility is strategically located in one of the most innovative agricultural areas in the U.S. and Indiana is a major hub for transportation and business, setting Cormo USA up with all the tools it needs to thrive in the long-run. We're extremely grateful to the City of Rushville and all those involved who helped make this a realization, and we look forward to launching production this fall."