Mississippi Funds Biofuel Manufacturer Refinery Venture
03/09/2012
"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.
Project Announcements
ValorFlex Packaging Plans Bowling Green, Kentucky, Production Operations
06/30/2025
Neuro.io Plans Terrebonne Parish, Louisiana, Operations
06/30/2025
Germany-Based MTU Maintenance Expands Fort Worth, Texas, MRO Operations
06/30/2025
Cascade Die Casting Group Expands High Point, North Carolina, Manufacturing Operations
06/30/2025
BuildOps Plans Raleigh, North Carolina, Operations
06/30/2025
Point Blank Enterprises Plans Wakulla County, Florida, Operations
06/30/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024