ZeaChem Gets $233 Million USDA Loan Guarantee for Biorefinery Construction
Posted in Biofuels on January 26th, 2012 by News Desk –
Lakewood, Colo. – ZeaChem, a developer of biorefineries that convert renewable biomass into fuels and chemicals, announced today it has obtained a $233 million loan guarantee from the U.S. Department of Agriculture for the financing and construction of ZeaChem’s first commercial-scale cellulosic biorefinery.
Located at the Port of Morrow in Boardman, Ore., adjacent to ZeaChem’s 250,000 gallons-per-year (GPY) integrated demonstration biorefinery, the new plant that will produce bio-based fuels and chemicals from woody biomass and agricultural residues. It is expected to have capacity of 25 million or more GPY.
ZeaChem’s first commercial facility will create 188 direct construction jobs and 65 full-time operations jobs, plus an additional 242 indirect jobs for construction and full-time operations, according to the company.
Founded in 2002, ZeaChem has developed a cellulose-based biorefinery platform that extracts energy from biomass feedstocks. The company’s refining system uses a hybrid process of biochemical and thermochemical processing, with no new organisms.
In addition to its headquarters in Lakewood, Colo., the company operates a research and development laboratory facility in Menlo Park.
Investors in ZeaChem include Birchmere Ventures, PrairieGold Venture Partners, Firelake Capital, Mohr Davidow Ventures, Globespan Capital Partners, and Spring Ventures.
Photo credit: ZeaChem
