Mississippi Funds Biofuel Manufacturer Refinery Venture
"The momentum we are experiencing in funding and our plans to scale up manufacturing move us that much closer to realizing our mission on a large scale. Virdia is well positioned to be the frontrunner in the race to make cellulosic sugars a reality, " said Phippe Lavielle, Virdia Chief Executive Officer.
The firm, which plans to start building its first plant later this year in a yet-to-be-determined location, received incentives from Mississippi Development Authority to build its manufacturing facilities in the state. The agreement includes an incentive package with $75 million in low-interest loans, as well as up to $155 million in various tax incentives over a 10-year period. Once in operation, Virdia's cellulosic sugar plants are expected to create hundreds of new jobs, economic development officials predict.
"We are pleased Virdia is locating manufacturing operations in Mississippi and will be using our state's ample biomass resources to create its renewable products," said Governor Phil Bryant. "This innovative company has committed to creating hundreds of high-paying jobs for Mississippians and will have a positive impact on communities around the state."
To fund its venture, Virdia also raised $30 million from private investment firms.
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