Plant yet to come out of ground; company maintains commitment
Published: March 11,2013
PONTOTOC — Four years after announcing plans for an ethanol plant in Pontotoc, a Canadian company has yet to begin construction.
Enerkem Inc., of Montreal, remains committed to building the for Enerkem Mississippi Biofuels plant, spokeswoman Annie Pare tells The Northeast Mississippi Daily Journal.
It’s planned as a $100 million project with 70 employees, with a $150 million expansion to produce another 80 jobs.
So far, a lot has been cleared for a power substation but the 35-acre site for the plant itself is still all woods.
Enerkem bought the site in October for about $70,000, paying another $10,000 for the timber’s value.
Pare says the plant is being designed. She says construction is expected to begin in the second half of this year and should take about 18 months.
The site is next to the Three Rivers Landfill, which is to provide municipal solid waste as Enerkem’s main fuel.
First, Enerkem is building a similar plant in Edmonton, Alberta, Canada.
Last year, it had planned to raise $125 million in a public offering to raise capital for its Pontotoc and Varennes projects. It withdrew the offering, citing market conditions, but said it would continue with those projects.
Spokeswoman Marie Helene-Labrie said at the time that Enerkem had raised more than $100 million the previous years through corporate and government financing.
Privately held, Enerkem declined to reveal what financing it now has in place — or still needs.
“As a private company, we are not in a position to discuss the details of these financial arrangements,” Pare said.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Comstock quits Tuscaloosa play on falling prices
- Clinton office complex sold for $20.5 million
- Meadville mayor seeks Sojourner's Senate seat
- Entergy plans three solar-power pilot projects
- PHIL HARDWICK: Characteristics of a good year-end fundraising letter
- Shale oil: market correction or longterm direction?
- Record soybean yield is valued at $1.17 billion
- MARTIN WILLOUGHBY: Gary Herring building tomorrow by educating today
- Miss. surgeon sentenced in tax evasion case